We are excited to announce that Old National Bank and First Midwest Bank have agreed to combine. This partnership, which is expected to close later this year or in early 2022, marks a significant milestone in our 187-year history and will create a premier bank in the Midwest.
Headquartered in Chicago and founded in 1940, First Midwest is a relationship-focused financial institution with approximately $21 billion of assets. With most of its 108 total banking centers in the Greater Chicago area, First Midwest has a footprint that perfectly complements ours with very little service territory overlap.
Once the transaction closes, the two institutions will operate as Old National Bank with dual headquarters in Evansville and Chicago. Jim Ryan, Old National’s CEO, will become CEO of the combined entity while Mike Scudder, First Midwest’s CEO, will become Executive Chairman of the combined company’s Board of Directors.
Other highlights of the merger:
- First Midwest’s culture and values align perfectly with ONB’s. We are both focused on building a strong relationship with clients and helping them reach their goals – and strengthening and supporting the communities we serve in the process.
- It will help us serve clients better. The level of exceptional client service you’ve come to expect will only be positively impacted by this merger. We expect to accelerate some of our plans to enhance our technology and digital platforms for the benefit of our clients and team members. It also allows our clients to bank and take advantage of ATMs in the Chicago region and other First Midwest markets.
- The merger positions us to be an even stronger and more secure bank for years to come. Ultimately, our goal is to be THE premier bank in the Midwest, serving ALL our clients exceptionally well, while maintaining our culture, integrity and commitment to community. We believe this partnership puts us in position to do that.
Additional details can be found in the press release that we issued today. If you have further questions, please feel free to visit our website or reach out to your ONB Relationship Manager.
Thank you for your business and your continued loyalty. We look forward to continuing to serve you as we embark on the bright future ahead.
