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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. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

  2. Does the $100,000,000,000 include salaries for members of Congress?

  3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

  4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

  5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

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