Evansville, Ind. and you can Chi town, Ill. –Old Federal Bancorp (“Old Federal”) (NASDAQ: ONB) and you can Earliest Midwest Bancorp, Inc. (“Basic Midwest”) (NASDAQ: FMBI), as you revealed now he’s got joined with the a definitive merger agreement to mix during the an almost all-stock merger from translates to transaction that have a total market price out-of $six.5 mil to make a top Midwestern financial that have $forty-five million from inside the joint possessions.

That have almost 270 joint years of solution and a contributed partnership so you can Midwestern philosophy, Old Federal and Earliest Midwest are two communities motivated by the an excellent customer-centric method of financial, an unwavering commitment to society and you can a powerful work with business societal obligations, deciding to make the mutual organization brand new biggest choice for employees, subscribers and you can shareholders.

Beneath the terms of the latest merger arrangement, which has been unanimously approved by the Forums away from Administrators out of one another businesses, Very first Midwest stockholders will have 1.1336 shares of Dated Federal preferred stock for each share away from First Midwest prominent stock they own.

Michael Scudder, President and you may Ceo out of Basic Midwest Bancorp, will act as the latest Administrator Chairman and Jim Ryan, Chairman and Ceo out-of Dated Federal Bancorp, will maintain his role as the President

• Draw Sander, Chairman and Master Doing work Administrator (Very first Midwest)
• Jim Sandgren, Ceo away from Commercial Financial (Dated National)
• Brendon Falconer, Chief Financial Administrator (Dated Federal)
• Kendra Vanzo, Chief Administrative Administrator (Old National)
• Kevin Geoghegan, Master Borrowing from the bank Officer (First Midwest)
• Thomas Prame, President out-of Neighborhood Banking (Very first Midwest)
• Chady AlAhmar, President of Wide range Management (Dated Federal)

New team often work within the Old National Bancorp and you will Dated National Bank names, that have twin headquarters into the Evansville, Indiana and Chi town, Illinois

The brand new Panel of Directors of your combined business will receive sixteen administrators, composed of 8 directors from Old Federal and 8 administrators away from First Midwest. Read more