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Grand Rapids Business Journal
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Courtesy Old National Bancorp
Courtesy First Midwest Bancorp
A bank with West Michigan locations is merging with First Midwest Bancorp to create a new entity with $45 billion in combined assets.
Evansville, Indiana-based Old National Bancorp (Nasdaq: ONB) and Chicago-based First Midwest Bancorp (Nasdaq: FMBI), said on Tuesday that they entered into a definitive merger agreement to combine in an all-stock merger of equals transaction with a total market value of $6.5 billion to create a premier Midwestern bank with $45 billion in combined assets.
The transaction is expected to close in late 2021 or early 2022 subject to customary closing conditions, including regulatory and shareholder approvals.