IBJNews

Old National prices offering at $10 per share

Back to TopCommentsE-mailPrintBookmark and Share

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.
 
  
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
ADVERTISEMENT