Evansville-based Old National Bancorp plans to close three of its Indianapolis-area branches by the end of June, leaving the bank with one remaining local office from its 2009 acquisition of 52 local Charter One branches.
The bank said Monday that it will close its office at 10460 N. Michigan Road in Carmel, along with Indianapolis branches at 5550 Lafayette Road and at 9605 E. Washington St. June 29 will be the last day of operations at all three locations, Old National spokeswoman Kathy Schoettlin told IBJ.
Following these closures, Old National will have 21 branches in the Indianapolis market.
All three of the soon-to-close locations are what Old National refers to as “Starbucks branches”—offices located adjacent to a Starbucks coffee shop in small retail strip developments.
Old National acquired the three offices in 2009 when it purchased 65 Charter One bank branches, including 52 in Indianapolis, for about $16 million. Many of these locations were inside larger retailers, including Kroger, Walmart and Marsh Supermarkets. The acquisition dramatically increased Old National's branch presence in Indianapolis.
Since then, Old National has since closed all but a few of these offices. Once the three local offices close, Old National will be left with one remaining branch from the Charter One acquisition, according to Federal Reserve Bank of St. Louis records. That remaining location is at 8930 E. 56th St. at Fort Harrison State Park.
The three Indianapolis offices are among 10 branch closures Old National announced on Monday. The other closures include one office in Lafayette, one in Louisville and five offices in Southwest Michigan.
Old National also announced Monday that it plans to sell 10 of its Wisconsin branches and an associated $274 million in deposits to Marine Credit Union of La Crosse, Wisconsin.