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. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

ADVERTISEMENT