Old National Bancorp and First Midwest Bancorp has completed the previously announced merger to create a combined lender with more than $46bn in assets.

Last month, the lenders received the final regulatory nod to close the deal.

Deal Background

In June last year, Old National Bancorp and First Midwest Bancorp signed a definitive agreement to merge their operations.

The all-stock merger of equals deal was valued at around $6.5bn.

Combined Operations

The combined lender is said to be the sixth largest commercial bank to be headquartered in the Midwest in terms of assets.

The bank will also have a strong retail footprint and a significant wealth platform with $34bn of assets under management.

It will operate under the Old National Bancorp and Old National Bank names. There will be no immediate impact on customers, and they can visit their respective branches and use mobile apps to conduct banking.

The ATM network of both banks will be made available for cash withdrawals at no charge.

The system conversion is expected to complete in July 2022.

Quotes

Old National CEO Jim Ryan said: “The completion of this partnership marks an historic milestone for both Old National and First Midwest.

“We are excited to bring the promise of our two companies together and leverage our talent, expertise and increased scale and market presence to benefit our clients, team members, communities and shareholders.”