Evansville, Ind. and you will il, Sick. –Dated National Bancorp (“Old Federal”) (NASDAQ: ONB) and you may Very first Midwest Bancorp, Inc. (“Earliest Midwest”) (NASDAQ: FMBI), together launched now he’s inserted on a definitive merger arrangement to mix inside a most-inventory merger regarding equals exchange which have a total market value away from $6.5 mil to create a premier Midwestern financial having $forty five million from inside the mutual possessions.
With almost 270 joint several years of solution and you can a contributed connection to help you Midwestern values, Dated National and Very first Midwest are two teams motivated of the an excellent customer-centric way of banking, a keen unwavering commitment to community and an effective run business societal obligation, putting some joint entity the latest premier choice for professionals, website subscribers and investors.
In regards to the merger agreement, which has been unanimously approved by the Forums of Directors away from each other businesses, Earliest Midwest stockholders can get 1.1336 shares of Dated Federal common stock for every single express out-of Very first Midwest popular stock that they have.
Michael Scudder, Chairman and President out of Basic Midwest Bancorp, usually act as the latest Professional President and you may Jim Ryan, President and you will Ceo off Dated Federal Bancorp, will keep their role given that Chief executive officer
- Mark Sander, Chairman and Head Functioning Officer (Earliest Midwest)
- Jim Sandgren, President regarding Commercial Banking (Dated National)
- Brendon Falconer, Master Economic Officer (Dated Federal)
- Kendra Vanzo, Master Administrative Administrator (Dated Federal)
- Kevin Geoghegan, Head Borrowing from the bank Officer (Very first Midwest)
- Thomas Prame, President away from Neighborhood Financial (Basic Midwest)
- Chady AlAhmar, Chief executive officer out of Money Government (Dated Federal)
The company will perform underneath the Old National Bancorp and you can Dated Federal Lender brands, with twin head office during the Evansville, Indiana and you will il, Illinois
The latest Board off Administrators of your own mutual organization will get sixteen administrators, composed of 8 administrators off Old National and 8 directors from Very first Midwest.