Evansville, Indiana-based Old National Bancorp has agreed to acquire Madison, Wisconsin-based Anchor BanCorp Wisconsin in a cash-stock deal worth about $461m.

As of 30 September 2015, Anchor BanCorp, the parent of AnchorBank, managed $2.2bn in total assets, $1.5bn in total loans, $1.8bn in deposits, and $360m in common shareholders’ equity. AnchorBank operates with 46 banking centres that include 32 banking centres in the Madison, Milwaukee and Fox Valley triangle.

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Old National Bancorp, the parent of Old National Bank, operated from 160 banking centres and managed $11.9bn in total assets as of 30 September 2015.

As per the agreed terms of the merger deal, Anchor shareholders can opt to receive 3.5505 shares of Old National common stock or $48.50 in cash for each share of Anchor they hold, subject to no more than 40% of the outstanding shares of Anchor may secure cash.

The transaction has already secured the nod of the board of directors of both companies.

Subject to regulatory approval and approval of Anchor shareholders, the deal is scheduled to close in the second quarter of 2016.

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Old National Bancorp president and CEO Bob Jones said: "This partnership, which marks Old National’s entry into the great state of Wisconsin, is a natural extension of our franchise and our growth strategy.

"Not only does it position Old National in strong, vibrant markets with proven growth potential, it also represents an exceptional cultural fit and an opportunity to continue the strong legacy of service that distinguishes AnchorBank."