IBJNews

Old National to close nine branches in Indianapolis area

Back to TopCommentsE-mailPrintBookmark and Share

Evansville-based Old National Bank will close nine Indianapolis-area branches by the end of the year and consolidate them into nearby branches in a move to streamline its operations, the company announced Thursday.

Old National, the largest bank headquartered in Indiana, also will close and consolidate nine other branches around the state. Old National said no jobs are likely to be lost in the consolidations because workers at all closed branches would be offered jobs at the consolidated branches.

In addition, Old National said it has struck an agreement to sell nine bank branches and $173.5 million in deposits to three banks in western Kentucky and southern Illinois. Eight of the nine branch buildings will be sold in those transactions.

“As part of an ongoing efficiency initiative, Old National took a close look at its locations, examining such items as market dynamics, deposits per branch, proximity to other offices and client traffic,” company officials explained in a prepared statement.

Old National recorded expenses of about $1.3 million in the second quarter of 2012 for those changes, the company disclosed Thursday in a securities filing. It expects additional costs of $2 million to $3 million in the second half of this year.

Old National had total deposits of more than $1.8 billion at the end of the second quarter.

The nine locations that will close in Indianapolis are inside other stores and have leases that are near their expiration.

— The Old National branch at 2810 E. 116th St. in Carmel will consolidate with a branch at 1430 S. Rangeline Road in Carmel.

— The branch inside a Marsh store at 10679 N. Michigan Road in Zionsville will consolidate into a bank in a Starbucks at 10460 N. Michigan in Carmel.

— A branch in the Marsh at 5 Boone Village in Zionsville will combine with the branch at 385 S. Main St. in Zionsville.

— A bank in a Kroger store at 1930 E. Main St. in Plainfield will consolidate with the Old National branch at 802 Edwards Drive in Plainfield.

— The bank inside a Kroger at 1330 W. Southport Road will move to 1510 W. Southport, where there is an Indiana Bank & Trust Branch. Old National agreed in January to acquire Columbus-based Indiana Bank & Trust.

— The bank in a Kroger at 11101 Pendleton Pike in Indianapolis will combine with the bank in a Starbucks at 10800 Pendleton Pike in Indianapolis.

— The bank in a Kroger at 5173 W Washington St. in Indianapolis will consolidate with the bank in a Marsh at 35 N. Lynhurst Drive in Indianapolis.

— Two banking centers—one in a Marsh at 1240 N. State St. in Greenfield and the other inside a Kroger at 10450 E. Washington St. in Indianapolis—will be consolidated into a Starbucks at 9605 E. Washington St. in Indianapolis.

The moves by Old National will reduce its total number of locations from 183 to 156.

Old National said it has 52 branches in Indianapolis and the counties surrounding it. These actions will chop that number down to 43.The company has about 455 Indianapolis-area employees.

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
  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.

ADVERTISEMENT