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Old National prices offering at $10 per share

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Evansville-based Old National Bancorp said yesterday that it has priced its public offering of 18 million shares of company stock at $10 per share.

IBJ reported Monday that Old National Bancorp, the holding company for Old National Bank, is selling some of its stock to fund potential acquisitions of troubled banks.

Old National estimates the offering will net $171 million “to support ongoing and future anticipated growth, which may include opportunistic acquisitions of other financial institutions, possibly including … failed or distressed financial institutions in FDIC-sponsored or -assisted transactions,” the bank said in a written release.

The company has $8 billion in assets and more than 180 branches in Indiana, Kentucky and Illinois, including 74 in the Indianapolis area.

In March, Old National purchased 65 Charter One branches for $15.9 million from Providence, R.I.-based Citizens Financial Group.

Old National President and CEO Bob Jones told IBJ earlier this year that his goal is to make Old National “Indiana’s bank.” He is targeting northern Indiana, Indianapolis and areas extending down Interstate 65 to Louisville for acquisitions.

Analyst Sandra Osborne, of New York-based Keefe Bruyette & Woods, recently listed Old National among two dozen U.S. banks well-positioned to scoop up institutions seized by the government.

New York-based Sandler O’Neill & Partners LP is underwriting the offering. New York-based Keefe Bruyette & Woods Inc. and Atlanta-based SunTrust Robinson Humphrey Inc. are assisting.

Old National intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares offered to cover possible overallotments.

Old National shares were trading at $10.88 this morning, up 2.1 percent.
 
  
 

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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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