Complete merger of Evansville’s Old National and Chicago’s first Midwest

EVANSVILLE, Ind. – Evansville-based Old National Bancorp said its previously announced merger with Chicago’s First Midwest Bancorp was official.

According to a press release from ONB, the combined company creates the sixth-largest Midwest-based commercial bank based on assets, with more than $46 billion in combined assets and $34 billion in assets under management.

The release cited “strong commercial banking capabilities, a robust business footprint and a significant wealth platform.”

The combined organization will operate as Old National Bancorp and Old National Bank, with dual headquarters in Evansville and Chicago.

As part of the completed merger with First Midwest, Old National’s workforce now exceeds 4,300 people.

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Asked by the Courier & Press whether the merger created any local job losses, Kathy Schoettlin, director of brand and culture at Old National, said in an email: “Seven people from the Evansville will part ways with the company in mid-March. The team continues to work to identify opportunities within the Old National for these potentially affected team members.”

Former national officials said the merger was historic for the Evansville bank.

“We are excited to bring together the promise of our two companies and leverage our talent, expertise and increased market presence for the benefit of our customers, team members, communities and shareholders” , said CEO Jim Ryan.

“This combination makes us one of the largest commercial banks in the Midwest and positions us well for continued expansion, investment and innovation in talent, capabilities and services,” said Mike Scudder, executive chairman of the merged company.

According to the release, bank customers will continue to be served through their respective Old National or First Midwest branches, websites, mobile apps, financial advisors and relationship managers until the conversion. of the system is completed, which is expected in July.

board of directors

The combined company’s board of directors consists of 16 members including eight directors from Old National and eight directors from First Midwest:

• Mike Scudder, Executive Chairman
• Becky Skillman, Independent Lead Director
• Barbara Boigegrain
• Tom Brown
• Catherine Hayley
• Pete Hensler
• Dan Herman
• Ryan Kitchel
• Austin Ramirez
• Ellen Rudnick
• jim ryan
• Tom Salmon
• Michael Petit
• Derrick Stewart
• Steve VanArdsell
• Kathy White