Old National Bancorp to Acquire Indiana Community Bancorp
Old National Bancorp and Indiana Community Bancorp of Columbus jointly announced the execution of a definitive agreement pursuant to which Old National will acquire Indiana Community Bancorp through a merger.
With nearly $985 million in assets, Indiana Community Bancorp is an Indiana bank holding company with Indiana Bank and Trust Company as its wholly owned subsidiary. Founded in 1908, Indiana Bank and Trust serves south central Indiana area with 17 full-service banking centers.
Founded in Evansville in 1834, with $8.9 billion in assets and more than 180 branches, Old National is the largest financial services holding company headquartered in Indiana. This acquisition strengthens Old National's position as the third largest branch network in Indiana. Old National also operates banking centers in southern Illinois and western Kentucky, as well as in the Louisville market.
"We are thrilled that this partnership will enable us to unite two Indiana-based community banks with a shared legacy of commitment and service to Hoosier families and businesses. We are honored to partner with such a highly regarded institution with a focus on basic banking and a well-earned reputation for community involvement," said Old National Bancorp President and CEO Bob Jones. "It also allows Old National to expand our service area into a vibrant, growing region and enables Indiana Bank and Trust Company's loyal client base to continue doing business with a community-focused, Indiana-based financial institution with a very similar culture and values."
"We are pleased to be joining strengths with Old National Bank," said John Keach, Jr., Chairman and CEO of Indiana Bank and Trust Company. "This alliance will benefit our customers through enhancements to our products and delivery services, and rewards our shareholders for their continued investment in IBT. The community-minded culture and strong reputation of Old National will make this transition straightforward for our customers."
Read more about the announcement, on the shareholder relations portion of the IBT website.
Learn more about Old National Bank, by visiting them online.
