Old National Bancorp Buying ANB
EVANSVILLE, Ind. (AP) _ Old National Bancorp is buying ANB Corp. for $212.4 million in stock, the companies announced today.
ANB shareholders would receive 1.25 shares of Old National for each share of ANB they hold. The deal, which must be approved by shareholders and regulators, is expected to close early next year.
The addition of ANB’s $784 million in assets will bring Old National’s total assets to approximately $7.7 billion, and ANB’s 24 offices will give Old National a total of 143 in Indiana, Illinois and Kentucky.
ANB is the holding company of American National Bank and Trust Co. of Muncie, Peoples Loan & Trust Bank of Winchester, and Farmers State Bank of Union City, Ohio.
Old National said it expects to reduce the combined operating expenses of the two bank holding companies by 20 percent next year.
It said it would take a one-time, after-tax charge to 1999 earnings of approximately $7 million.
Jim Risinger, Old National’s chairman and chief executive, said the company will make Muncie the home of the headquarters for its eastern Indiana region.
``We expect ANB to join us without a hitch, just as 38 other financial institutions have done since we embarked on the merger trail in 1985,″ Risinger said.