Old National (ONB) Announces Branch Sales, Consolidation; Sees $2M-$3M of Costs in H212
Tweet Send to a FriendGet Alerts ONB Hot Sheet
Price: $13.55 -0.59%
EPS Growth %: +4.3%
Financial Fact:
Supplies: 569K
Today's EPS Names:
ANF, DXLG, FL, More
EPS Growth %: +4.3%
Financial Fact:
Supplies: 569K
Today's EPS Names:
ANF, DXLG, FL, More
Trade ONB Now!
On August 16, 2012, Old National Bancorp’s (NYSE: ONB) wholly owned bank subsidiary, Old National Bank, announced plans to sell or consolidate twenty-seven (27) banking centers as part of its ongoing efficiency improvements.
In connection with the efficiency improvements, ONB entered into branch purchase and assumption agreements with the following three banks: (i) Planters Bank, Inc. to purchase the deposits and banking center facilities at five of ONB’s Western Kentucky branches; (ii) Legence Bank to purchase the deposits and banking center facilities at two of ONB’s Southern Illinois branches; and (iii) Area Bank to purchase one ONB banking center property and deposits from two ONB locations in Southern Illinois.
The three branch sales are subject to regulatory approval and customary closing conditions. ONB expects the transactions to close in either the fourth quarter of 2012 or the first quarter of 2013. The consolidation of 18 banking centers into other ONB locations is expected to occur in the fourth quarter of 2012.
Old National recorded expenses of approximately $1.3 million in the second quarter of 2012 relating to these efficiency improvements and expects additional costs of $2 to $3 million in the second half of this year.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
In connection with the efficiency improvements, ONB entered into branch purchase and assumption agreements with the following three banks: (i) Planters Bank, Inc. to purchase the deposits and banking center facilities at five of ONB’s Western Kentucky branches; (ii) Legence Bank to purchase the deposits and banking center facilities at two of ONB’s Southern Illinois branches; and (iii) Area Bank to purchase one ONB banking center property and deposits from two ONB locations in Southern Illinois.
The three branch sales are subject to regulatory approval and customary closing conditions. ONB expects the transactions to close in either the fourth quarter of 2012 or the first quarter of 2013. The consolidation of 18 banking centers into other ONB locations is expected to occur in the fourth quarter of 2012.
Old National recorded expenses of approximately $1.3 million in the second quarter of 2012 relating to these efficiency improvements and expects additional costs of $2 to $3 million in the second half of this year.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Abercrombie & Fitch Co. (ANF) Misses Q1 EPS by 4c; Guides FY Below Views
- GameStop Corp. (GME) Tops Q1 EPS by 6c; Boosts Lower-End of FY13 EPS Outlook
- Valeant (VRX) Continues Deal Hunt; Close to Buying Bausch & Lomb for $9B
Create E-mail Alert Related Categories
Corporate News, Guidance, Mergers and Acquisitions
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
