Evansville, Ind. and you will Chi town, Sick. –Old Federal Bancorp (“Old Federal”) (NASDAQ: ONB) and you may Very first Midwest Bancorp, Inc. (“Earliest Midwest”) (NASDAQ: FMBI), as one established today he’s joined into the a decisive merger contract to mix in the a the majority of-stock merger from means purchase having a total market value of $6.5 mil to manufacture a leading Midwestern lender which have $forty five million inside shared possessions.
That have almost 270 mutual numerous years of service and you will a provided union to help you Midwestern thinking, Dated Federal and Basic Midwest are a couple of groups motivated because of the a good customer-centric way of financial, a keen unwavering commitment to community and you may a powerful work at business personal duty, making the mutual entity the new largest selection for staff, clients and you will shareholders.
According to the terms of this new merger agreement, which has been unanimously authorized by the Chat rooms out of Administrators from each other people, Very first Midwest stockholders will have 1.1336 offers off Old National prominent stock each express from First Midwest popular inventory they own.
Michael Scudder, Chairman and President away from Basic Midwest Bancorp, commonly act as new Government President and Jim Ryan, President and you can Ceo out of Old Federal Bancorp, will maintain their part because the Ceo
- Mark Sander, Chairman and you may Master Performing Officer (Very first Midwest)
- Jim Sandgren, Chief executive officer regarding Commercial Financial (Dated Federal)
- Brendon Falconer, Captain Economic Officer (Old National)
- Kendra Vanzo, Chief Administrative Administrator (Old National)
- Kevin Geoghegan, Chief Borrowing from the bank Administrator (Basic Midwest)
- Thomas Prame, President out-of Society Financial (First Midwest)
- Chady AlAhmar, President off Money Administration (Old National)
The providers usually operate underneath the Old Federal Bancorp and Old National Lender brands, which have twin head office when you look at the Evansville, Indiana and Chicago, Illinois
The new Panel away from Administrators of shared organization will have 16 administrators, composed of 8 administrators off Dated National and you will 8 administrators out of Earliest Midwest. Lanjutkan membaca “After the conclusion of your transaction, former Very first Midwest stockholders are essential so you’re able to along show around forty two% of the mutual business”