Old National Bancorp (NYSE:ONB), the holding company for Chamber member Old National Bank, announced September 28 that it has completed its underwritten public common stock offering by issuing 20,700,000 shares of the Company's common stock, including 2,700,000 shares issued pursuant to the underwriters' exercise of their over-allotment option, at a public offering price of $10.00 per share, for aggregate gross proceeds of $207 million. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $196.2 million.
The Company intends to use the net proceeds for general corporate purposes and to support ongoing and future anticipated growth, which may include opportunistic acquisitions of other financial institutions, possibly including acquisitions of assets and liabilities of failed or distressed financial institutions in FDIC-sponsored or assisted transactions.
Old National Bancorp, with $8.0 billion in assets, is a financial holding company headquartered in Indiana. Old National Bank, its banking subsidiary, is focused on community banking in its primary footprint in Indiana, eastern and southeastern Illinois, and central and western Kentucky. Old National Bancorp also owns financial services companies that provide services to supplement its banking business, including fiduciary and wealth management services, insurance and other financial services.
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