Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Evansville-based Old National Bancorp on Monday said it completed its previously announced takeover of Monroe Bancorp of Bloomington.
Based on the closing price of $11.89 per share of Old National common stock on Dec. 31, the transaction is valued at approximately $90.1 million.
The acquisition, completed Jan. 1, includes 15 branches in central and south central Indiana. Old National will operate the branches under the Monroe Bank trade name until a systems conversion, which is expected to be complete in May.
Monroe Bancorp’s subsidiary, Monroe Bank, is the largest bank headquartered in Bloomington. With nearly $850 million in assets, it has 15 branches in central and south central Indiana, including locations in Noblesville and Avon.
Old National, the largest financial services holding company headquartered in Indiana, has $7.7 billion in assets and 165 branches, including about 60 in the Indianapolis area.
At closing, each share of Monroe common stock was converted into the right to receive 1.216 shares of Old National common stock. Fractional shares will be paid in cash.
Former Monroe shareholders will receive a letter of transmittal from Old National explaining how to exchange their shares. Old National expects to mail the letters to former Monroe shareholders by Friday.
Old National shares closed Monday at $12.15, up 26 cents on the day.
Please enable JavaScript to view this content.