Exhibit 99.1

Old National’s 1^st quarter Net Income increases 29%

compared to 1^st quarter 2015

1^st QUARTER 2016 HIGHLIGHTS:

Evansville, Ind. (May 2, 2016) – Today Old National Bancorp (the “Company” or “Old National”) (NASDAQ: ONB) reported 1^st quarter 2016 net income of $27.0 million, or $0.24 per share. These quarterly results compare to net income of $32.0 million in the 4^th quarter of 2015 and $20.9 million recorded in the 1^st quarter of 2015.

Included in 1^st quarter 2016 results were $1.4 million in pre-tax charges relating to the merger and integration of Anchor BanCorp. Excluding the impact of these charges, Old National would have reported net income of $28.1 million, or $0.25 per share. Included in 4^th quarter 2015 results were $11.1 million in pre-tax gains related primarily to the repurchase of 14 banking properties. Also included in the 4^th quarter were $2.4 million in pre-tax charges related to continued efficiency initiatives as well as a $4.8 million pre-tax charge for a litigation settlement. Excluding the impact of these items, Old National would have reported net income of $29.4 million, or $0.25 per share in the 4^th quarter of 2015. Included in 1^st quarter 2015 results were $4.4 million in severance expense and $2.6 million in charges relating to branch consolidations. Also included in the 1^st quarter of 2015 were $4.0 million of pre-tax merger and integration expenses. Excluding the impact of these pre-tax charges, Old National would have reported net income of $28.5 million, or $0.24 per share, in the 1^st quarter of 2015. Refer to Table 1 for Non-GAAP reconciliations. Impacting Old National’s year over year comparison is the sale of 17 banking centers located in the Southern Illinois market and the Central Indiana and Ohio market. These sales were both completed on August 14, 2015.

Old National also announced today that it has agreed to sell the Company’s insurance agency subsidiary, ONB Insurance Group, Inc., d/b/a Old National Insurance, to Prime Risk Partners. Upon the completion of the transaction, Old National Insurance will operate under the name ONI Risk Partners. Included in the sale are Old National Insurance’s two third-party administrator subsidiaries, Employee Plans, LLC and JWF Specialty. The transaction is expected to close in the 2nd quarter of 2016, and is subject to customary closing conditions.

Additionally, Old National announced today that as of May 1, 2016, it has closed on its partnership with Anchor BanCorp Wisconsin Inc. (“Anchor”) in Madison, Wisc. This partnership, which provides an entry point for Old National into the most vibrant communities in the state of Wisconsin, includes 46 banking centers and adds $1.7 billion in total loans and $1.8 billion in total deposits, based on March 31, 2016, balances.

Also today, the Company announced its quarterly cash dividend of $0.13 per share. The dividend is payable June 15, 2016, to shareholders of record on June 1, 2016. For purposes of broker trading, the ex-date of the cash dividend is May 27, 2016.

“These actions, when taken together, are examples of how Old National is focusing on creating sustainable long term value for our shareholders,” said Old National President and CEO Bob Jones. “The sale of our insurance group should improve our efficiency ratio, allow us to increase our tangible book value and helps fund the cash portion of the Anchor partnership. Speaking of Anchor, this partnership is off to a great start and our optimism for the benefits that our shareholders will derive is very strong. We feel confident that given the quality of the quarter when combined with these actions, Old National is well positioned for a year of continued growth.”

Committed to our Strategic Imperatives and 2016 Initiatives

Old National’s continued steady performance and strong credit and capital positions can be attributed to the Company’s unwavering commitment to the three strategic imperatives that have guided Old National for 11 years:

1. Strengthen the risk profile; 2. Enhance management discipline; and 3. Achieve consistent quality earnings.

Guided by these three strategic imperatives, Old National’s primary initiatives for 2016 are: 1. Continue to grow organic revenue; 2. Improve operating leverage; and 3. Prudent use of capital, all while maintaining a strong credit culture.

Grow Organic Revenue

Balance Sheet and Net Interest Margin

At March 31, 2016, total period-end loans, including loans held for sale, increased $67.4 million to $7.030 billion from $6.962 billion at December 31, 2015. Excluding the change in covered loans, Old National had organic loan growth of $79.6 million, or 4.6% annualized, in the 1^st quarter. The Louisville, Kentucky market, including the Company’s new Lexington office, the Kalamazoo, Michigan market and the South Bend, Indiana market were the best producing regions, increasing $39.5 million (28.5% annualized), $16.0 million (41.3% annualized) and $15.0 million (30.5% annualized), respectively, over December 31, 2015, loan balances.

Total core deposits, including demand and interest-bearing deposits, increased $120.1 million to $8.422 billion, compared to $8.302 billion at December 31, 2015. This increase represents an annualized growth rate of 5.8%.

For the 1^st quarter of 2016, net interest income totaled $85.6 million compared to $85.9 million in the 4^th quarter of 2015, and $91.0 million in the 1^st quarter of 2015. Net interest income on a fully taxable equivalent basis was $90.8 million for the 1^st quarter of 2016 and represented a net interest margin on total average earning assets of 3.52%. These results compare to net interest income on a fully taxable equivalent basis of $91.1 million and a margin of 3.50% in the 4^th quarter of 2015. In the 1^st quarter of 2015, Old National reported net interest income on a fully taxable equivalent basis of $95.7 million and a margin of 3.70%. Refer to Table 2 for Non-GAAP taxable equivalent reconciliations.

As part of net interest income, Old National recorded $11.2 million, or a 44 basis point contribution to net interest margin, in accretion income in the 1^st quarter of 2016 related to purchase accounting discounts from various acquisitions. Total accretion income in the 4^th quarter of 2015 and the 1^st quarter of 2015 reported by Old National was $12.3 million, or a 48 basis point net interest margin contribution, and $14.6 million, or a 56 basis point net interest margin contribution, respectively. Excluding accretion income, the core net interest margin was 3.08% in the 1^st quarter of 2016, compared to 3.02% in the 4^th quarter of 2015 and 3.14% in the 1^st quarter of 2015. Refer to Table 2 for Non-GAAP reconciliations.

Noninterest Income

Total noninterest income amounted to $49.5 million for the 1^st quarter of 2016. This compares to $60.6 million in the 4^th quarter of 2015 and $55.3 million in the 1^st quarter of 2015. Included in the 4^th quarter of 2015 is a $10.8 million gain relating to the repurchase of 14 banking properties. Card revenues were impacted by the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This Amendment became effective for Old National beginning July 1, 2015, resulting in a decline in interchange income of $2.7 million in the 1^st quarter of 2016 as compared to the 1^st quarter of 2015.

Improve Operating Leverage

Noninterest expenses for the 1^st quarter of 2016 totaled $98.4 million for Old National. This compares to $102.5 million in the 4^th quarter of 2015 and $116.2 million in the 1^st quarter of 2015. Included in the 1^st quarter of 2016 are $1.4 million in pre-tax charges related to the merger and integration of Anchor. Included in the 4^th quarter of 2015 are $2.4 million in pre-tax charges related to various efficiency initiatives (including branch consolidations and divestitures and severance) as well as a $4.8 million pre-tax charge for the estimated full cost of the anticipated settlement of the previously disclosed overdraft class action litigation. This compares to pre-tax charges of $4.4 million in severance, $2.6 million relating to branch consolidations and $4.0 million in pre-tax merger and integration expenses in the 1^st quarter of 2015. As of March 31, 2016, Old National has 160 branches throughout its franchise.

Prudent Use of Capital

Old National’s capital position remained well above regulatory guideline minimums at March 31, 2016, with regulatory tier 1 and total risk-based capital ratios of 12.5% and 13.2%, respectively, compared to 12.6% and 13.3% at December 31, 2015, and 11.9% and 12.6% at March 31, 2015. Old National did not repurchase any stock in the open market during the 1^st quarter of 2016.

The following table presents Old National’s risk-based and leverage ratios compared to industry requirements:

Old National’s ratio of tangible common equity to tangible assets was 7.88% at March 31, 2016, compared to 7.66% at December 31, 2015, and 7.52% at March 31, 2015. Refer to Table 9 for Non-GAAP reconciliations.

Maintain a Strong Credit Culture

Old National recorded provision expense of $0.1 million and had net charge-offs of $1.6 million in the 1^st quarter of 2016. These results compare to $0.5 million in provision expense and net recoveries of $0.5 million, and provision expense of $1 thousand and net recoveries of $1.0 million, in the 4^th quarter of 2015 and the 1^st quarter of 2015, respectively. Net charge-offs for the 1^st quarter of 2016 were 0.09% of average total loans on an annualized basis, compared to net recoveries of 0.03% of average total loans in the 4^th quarter of 2015 and net recoveries of 0.06% of average total loans in the 1^st quarter of 2015.

Delinquencies remained low as Old National reported 30+ day delinquent loans of 0.30% in the 1^st quarter of 2016 compared to 0.31% in the 4^th quarter of 2015. Old National’s 90+ day delinquent loans for the 1^st quarter were 0.01% compared to 0.01% in the 4^th quarter of 2015.

At March 31, 2016, Old National’s allowance for loan losses was $50.7 million, or 0.72% of total loans, compared to an allowance of $52.2 million, or 0.75% of total loans at December 31, 2015, and $48.9 million, or 0.73% of total loans, at March 31, 2015. The coverage ratio (allowance to non-performing loans) stood at 38% at March 31, 2016, compared to 36% at December 31, 2015, and 29% at March 31, 2015. Impacting these ratios are the Company’s prior acquisitions in which the loan portfolios were booked at fair value in accordance with ASC 805. Therefore, no allowance for loan losses is recorded on the acquisition date.

The following table presents certain credit quality metrics related to Old National’s loan portfolio:

Strategic Action – Sale of Insurance Subsidiary

The sale of Old National Insurance provides Old National the opportunity to focus on its core community banking business, improve its operating leverage and enhance its overall capital position. As a result of this transaction, Old National expects to receive approximately $93.0 million in cash and recognize an after-tax gain of approximately $16 million to $18 million. Based on March 31, 2016, reported results, goodwill and intangible assets of approximately $47.7 million will be eliminated as part of this transaction and result in a $0.56 improvement in the Company’s tangible book value per share. Old National anticipates the redeployment of capital will support ongoing organic loan growth as well as future potential strategic opportunities. Old National Insurance had total revenues of approximately $42.7 million and direct expenses of approximately $36.3 million in 2015. As of March 31, 2016, Old National Insurance had 279 employees.

The parties will enter into a marketing services agreement so that Old National and ONI Risk Partners can continue to work closely to provide Old National clients with outstanding insurance products and services. Current Old National Insurance Chairman and CEO Tom Flynn will remain with ONI Risk Partners. In addition, ONI Risk Partners will remain an Indiana corporation with its headquarters located in Indianapolis.

“Prime Risk is an excellent partner for the clients and employees of Old National Insurance. They are committed to investing in the future of Old National Insurance and the communities it serves,” said Old National Bancorp CEO Bob Jones. “We anticipate tremendous synergy between our companies as we move forward, which will allow Old National clients to continue to work with the same insurance representatives they have grown to trust and enjoy the same great products and service they have come to expect.”

Strategic Action – Closing of Anchor BanCorp Wisconsin Inc. Partnership

The strategic partnership between Old National and Anchor represents the Company’s entry into the most vibrant markets in the state of Wisconsin. Old National’s integration activities and cost savings projections remain on track. Anchor’s 1^st quarter 2016 performance also met Old National’s modeling assumptions, as Anchor’s 1^st quarter net income was $3.1 million. Included in Anchor’s 1^st quarter results were $3.8 million in pre-tax merger and integration charges. Anchor’s end-of-period loan balances grew 12.5% on an annualized basis from December 31, 2015, balances. At March 31, 2016, Anchor’s total shareholders’ equity stood at $372.6 million and its tangible common equity ratio was 16.70%.

About Old National

Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the largest financial services holding company headquartered in Indiana. With $11.9 billion in assets at March 31, 2016, it ranks among the top 100 banking companies in the U.S. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships with clients. Today, Old National’s footprint includes Indiana, Kentucky, Michigan and Wisconsin. In addition to providing extensive services in retail and commercial banking, investments and brokerage, Old National’s Wealth Management Division is a Top 100 Fiduciary. For more information and financial data, please visit Investor Relations at oldnational.com.

Table 1: Non-GAAP Reconciliations-Adjusted Net Income

Table 2: Non-GAAP Reconciliations-Core Net Interest Margin

Table 3: Non-GAAP Reconciliation-Operational Noninterest Expenses

TABLE 4

Financial Highlights

($ and shares in thousands, except per share data)

FTE - Fully taxable equivalent basis             EOP - End of period actual balances             N/A - Not applicable

TABLE 5

Income Statement

($ and shares in thousands, except per share data)

TABLE 6

Balance Sheet

($ in thousands)

TABLE 7

Average Balance Sheet and Interest Rates

($ in thousands)

TABLE 8

Asset Quality (EOP)

($ in thousands)

EOP - End of period actual balances

TABLE 9

Non-GAAP Measures

($ in thousands)