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Old National buying 24 branches from Bank of America

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Bank of America Corp. plans to sell 24 branches in northern Indiana and southwest Michigan with about $779 million in deposits to Old National Bancorp.

Terms weren’t disclosed in a statement Wednesday from Old National, which is based in Evansville and is the largest bank headquartered in Indiana.

The branches are located in the northern Indiana cities of South Bend and Elkhart, and the Southwest Michigan cities of Adrian, Battle Creek, Benton Harbor, Blissfield, Brooklyn, Constantine, Jackson, Kalamazoo, Niles, Paw Paw, Portage, and St. Joseph.

Bank of America, based in Charlotte, N.C., has been selling assets and trimming branches as part of plan to streamline the firm and cut risk. It’s ranked second by assets among U.S. banks.

The acquisition is expected to close in the third quarter.

Old National shares rose 14 cents Wednesday morning, to $12.92 each.
 

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