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8-K - FORM 8-K - OLD NATIONAL BANCORP /IN/ | c20620e8vk.htm |
Exhibit 99.1
Contacts: | ||
FOR IMMEDIATE RELEASE | ||
July 29, 2011 | Media: | |
Kathy A. Schoettlin (812) 465-7269 | ||
Executive Vice President Communications | ||
Financial Community: | ||
Lynell J. Walton (812) 464-1366 | ||
Senior Vice President Investor Relations |
Old National Bank Assumes Deposits and Purchases Assets of Integra Bank
| Old National selected as the acquirer by the FDIC in a bidding process | ||
| Transaction includes 52 banking centers in Southern Illinois, Southern Indiana and Western Kentucky |
EVANSVILLE, Ind. (July 29, 2011): Old National Bancorp (NYSE: ONB) announced today that its wholly
owned subsidiary, Old National Bank has entered into a purchase and assumption agreement with loss
share arrangements with the Federal Deposit Insurance Corporation (FDIC) to assume approximately
$1.5 billion in deposits and purchase approximately
$1.2 billion in loans of Integra Bank, National Association
(Integra), a full
service community bank headquartered in Evansville, Ind.
With this acquisition, Old National will now operate a total of 52 former Integra banking centers
in Southern Illinois, Southern Indiana and Western Kentucky resulting in more than 220 total
banking centers within its footprint. This partnership strengthens Old Nationals position as the
fourth largest deposit holder in the state of Indiana.
We are extremely pleased to have been selected by the FDIC in this bidding process to provide a
safe, secure home at Old National for Integras clients, said Old National President & CEO Bob
Jones. Old National and Integra have been community partners and neighbors for many years, and we
feel privileged to continue the commitment to friendly, local service and highly personalized care
that clients have come to expect.
This transaction is expected to be immediately accretive to Old Nationals earnings per share,
excluding one-time charges.
All Integra offices were closed on Friday, July 29, 2011, by the Office of Comptroller of the
Currency and the FDIC was named Receiver. All Integra offices will
reopen as Old National offices at their next scheduled opening day,
beginning
Saturday, July 30, 2011, and all former Integra Bank customers will be able to conduct banking
business as usual within those offices.
Clients who have immediate questions may contact the FDIC toll-free at 1-800-830-6698 or visit
http://www.fdic.gov to learn more.
Old National was advised by the legal firm of Krieg DeVault LLP and used Sandler ONeill +
Partners, L.P and DD&F Consulting Group as financial advisors.
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About Old National
Old National Bancorp is the largest financial services holding company headquartered in Indiana
and, with $8.1 billion in assets (prior to this acquisition), ranks among the top 100 banking
companies in the United States. Since its founding in Evansville in 1834, Old National has focused
on community banking by building long-term, highly valued partnerships with clients in its primary
footprint of Indiana, Illinois and Kentucky. In addition to providing extensive services in retail
and commercial banking, wealth management, investments and brokerage, Old National also owns Old
National Insurance which is one the top 100 largest agencies in the US and the 10th largest
bank-owned insurance agency. For more information and financial data, please visit Investor
Relations at oldnational.com.
Conference Call Reminder
Old National will hold a conference call at 10:00 a.m. Central on Monday, August 1, 2011, to
discuss the FDIC-assisted acquisition of Integra, second quarter 2011 financial results, strategic
developments, and the Companys financial outlook. The live audio web cast of the call, along with
the corresponding presentation slides, will be available on the Companys Investor Relations web
page at oldnational.com and will be archived there for 12 months. A replay of the call will also
be available from Noon Central on August 1 through August 15. To access the replay, dial
1-800-642-1687, conference code 82000278.
Forward-Looking Statements
This release contains certain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include, but are not limited to,
descriptions of Old Nationals financial condition, results of operations, asset and credit quality
trends and profitability and statements about the financial benefits and other effects of the
acquisition of certain assets and assumption of certain liabilities of Integra Bank from the FDIC.
Forward-looking statements can be identified by the use of the words anticipate, believe,
expect, intend, could and should, and other words of similar meaning. These
forward-looking statements express managements current expectations or forecasts of future events
and, by their nature, are subject to risks and uncertainties and there are a number of factors that
could cause actual results to differ materially from those in such statements. Factors that might
cause such a difference include, but are not limited to: expected cost savings, synergies and other
financial benefits from the acquisition of Integra Bank assets and liabilities might not be
realized within the expected time frames and costs or difficulties relating to integration matters
might be greater than expected; market, economic, operational, liquidity, credit and interest rate
risks associated with Old Nationals business, competition, government legislation and policies;
ability of Old National to execute its business plan, including the integration of the acquired
Integra Bank assets and liabilities; changes in the economy which could materially impact credit
quality trends and the ability to generate loans and gather deposits, failure or circumvention of
our internal controls, failure or disruption of our information systems, significant changes in
accounting, tax or regulatory practices or requirements, new legal obligations or liabilities or
unfavorable resolutions of litigations, other matters discussed in this release and other factors
identified in the Companys Annual Report on Form 10-K and other periodic filings with the
Securities and Exchange Commission. These forward-looking statements are made only as of the date
of this release, and Old National undertakes no obligation to release revisions to these
forward-looking statements to reflect events or conditions after the date of this release.
-END-
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