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Old National acquiring Monroe Bancorp for $83.5M

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Evansville-based Old National Bancorp said Wednesday that it has agreed to acquire Monroe Bancorp in Bloomington for about $83.5 million.

Old National said the acquisition will strengthen its branch network in the state.

Monroe Bancorp’s subsidiary, Monroe Bank, is 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.

Monroe shareholders will get 1.275 shares of Old National stock for every share held, valuing the stock at $13.35 per share. Based on Tuesday’s closing price of $5.38 each, the exchange represents a premium of 148 percent for Monroe stock.

The exchange ratio will be adjusted if Old National’s share price exceeds $10.98 at the time of closing. If that occurs, Monroe shareholders will get $14 of Old National stock for each share held, Old National said in a news release.

The transaction is expected to close by the end of the year or early in the first quarter of 2011, Old National said.

Old National shares dropped 38 cents and were trading at $10.10 late Wednesday morning. The price of Monroe shares, by contrast, more than doubled in morning trading, reaching $11.09 each.



 

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  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

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