Old National Bancorp has completed its previously announced merger with Monroe Bancorp of Bloomington, Indiana.
Based on the closing price of $11.89 per share of Old National common stock on 31 December 2010, the transaction is valued at approximately $90.1m.
This acquisition, which includes 15 banking centers in central and south central Indiana, is expected to strengthen Old National’s position in Indiana market. Old National also has branches in southern Illinois and western Kentucky.
Old National Bancorp president and CEO Bob Jones said Old National is pleased to further expand its banking network in its home state.
"Monroe’s community banking philosophy closely mirrors Old National’s, which helps make this transition easier and beneficial for our clients and the communities we serve," Jones said.
The merger of Monroe Bank, Monroe Bancorp’s banking subsidiary, into Old National Bank, the banking subsidiary of Old National Bancorp, was also completed.
Old National will operate the newly acquired branches under the Monroe Bank trade name until the systems conversion that is anticipated to occur in May, 2011.