Chamber Member Old National Bancorp to Acquire Charter One’s Retail Branch Banking Network in Indiana

Chamber member Old National Bancorp (NYSE: ONB) today announced the execution of a purchase and assumption agreement to acquire the Indiana retail branch banking network of Citizens Financial Group, which consists of 65 Charter One branches. As of September 30, 2008, the deposit liabilities to be assumed by Old National through this transaction had a balance of approximately $397.4 million and the portfolio of loans being purchased by Old National consisted of roughly $15.9 million in outstandings. This acquisition positions Old National Bank with the third largest branch network in the state of Indiana.

The 65 branch locations are largely in the Indianapolis area with additional locations in the Lafayette, Fort Wayne, Anderson, and Bloomington markets. The majority of the branches are in-store locations at Kroger Co., Marsh Supermarket, Starbucks and Wal-Mart Stores. This acquisition will position Old National with more than 180 bank branches throughout its franchise.

Old National continues to evaluate it’s participation in the announced TARP Capital Purchase Program. The U.S. Department of Treasury has selected Old National for participation in its Capital Purchase Program for healthy financial institutions. Old National continues to evaluate its participation in the Program and as such did not use any of the TARP funds for this transaction. More importantly after the closing of this transaction, Old National’s capital levels will remain well in excess of regulatory minimums for well capitalized institutions.

Under the terms of the agreement, Old National will pay Citizens Financial Group approximately $15.9 million in cash in consideration of the deposit premium. Subject to regulatory approval, the transaction is anticipated to close in the first quarter of 2009.