Provided
Chicago-based First Midwest Bancorp said Tuesday it will merge in a $6.5 billion deal with Old National Bancorp of Evansville, Indiana.
The merger will eliminate the name of First Midwest Bank, ranked as the ninth-largest savings institution in the Chicago area with deposits of about $14 billion. The combined company will use the Old National name and will maintain dual headquarters in Chicago and Evansville.
First Midwest stockholders will own about 44% of the new company once the merger is completed. They would get 1.1336 Old National shares for each First Midwest share they own. The transaction is expected to close in late 2021 or early 2022.
Old National and First Midwest Announce Merger to Create a Premier Midwestern Bank streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Share this article
Share this article
SAN DIEGO, June 1, 2021 /PRNewswire/ Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of First Midwest Bancorp, Inc. (NASDAQ: FMBI) ( First Midwest or the Company ) breached their fiduciary duties in connection with the proposed sale of the Company to Old National Bancorp ( Old National ) (NASDAQ: ONB).
On June 1, 2021, First Midwest announced that it had entered into a definitive merger agreement with Old National. Under the terms of the agreement, First Midwest shareholders will receive 1.1336 shares of Old National common stock for each share of First Midwest common stock owned. The exchange ratio, based on Old National s closing price on May 28, 2021, represents a total consideration of approximately $21.60 per First Midwest share.