Mergers & Acquisitions and Banks and Layoffs and Banking & Finance and Branches and Old National

Old National-Monroe merger costing 59 jobs

February 17, 2011

Almost 60 employees of Old National Bank and Monroe Bank are losing their jobs as the financial institutions combine their operations.

Evansville-based Old National in October announced plans to acquire the Bloomington bank for about $83.5 million.

Employees began getting layoff notices last month, and the company disclosed the 59 jobs cuts to the state Department of Workforce Development this week. Layoffs are set to begin June 1.

All told, three Old National branches and four Monroe Bank locations in Bloomington will be affected.

Monroe Bank was the largest bank headquartered in Bloomington. With nearly $850 million in assets, it has 15 branches in central and south central Indiana, including locations in Noblesville and Avon.

Old National, the largest financial services holding company headquartered in Indiana, has $7.7 billion in assets and 165 branches, including about 60 in the Indianapolis area.

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