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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana-based Old National Bank, which placed chief financial officer Brendon B. Falconer on leave in April after he was charged with two counts of child molestation, announced this week that Falconer is no longer employed by the company.
In a public disclosure filed Wednesday with the U.S. Securities and Exchange Commission, Old National said it had entered into a mutual separation agreement with Falconer. Under the terms of that agreement, Falconer’s employment at the bank ended Aug. 31, the document said.
Old National also said it has appointed John V. Moran IV, 48, as its new CFO. Moran had been serving as interim CFO since Falconer was placed on leave.
“John stepped into the role of chief financial officer five months ago and has excelled. As a result, we felt the timing was right for him to assume this critical role on a permanent basis,” Old National spokesman Rich Vach told IBJ via email.
Vach did not answer IBJ’s question about why Falconer’s leave of absence lasted for five months.
Falconer will receive a cash severance payment of $2,645,552. That amount represents the prorated portion of Falconer’s 2024 annual bonus, two times his 2024 base salary and bonus, and the value of certain executive employee benefits. The payout amount is in keeping with the terms of Falconer’s employment agreement, which was signed in June 2023, the SEC disclosure says.
Evansville-based Old National is the largest bank based in Indiana, with $53 billion in assets. It is also among the 50 largest U.S. banks, according to S&P Global Market Intelligence. The company operates 280 branch locations in eight states, including 19 branch locations in the Indianapolis area.
Falconer, 49, lives in the Warrick County town of Newburgh in southwestern Indiana.
According to public records, Falconer was served with a warrant March 26 on two charges of felony child molesting. The case is pending in Warrick Circuit Court, with a pretrial conference scheduled for Sept. 23.
Falconer’s attorney, James H. Voyles of Indianapolis firm Voyles Vaiana Lukemeyer Baldwin & Webb, did not respond to an email seeking comment.
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Quite the severance. How could there not been a clause about criminal activity that would mis-represent the bank? disgusting. Hopefully the victims family takes all of that money
“Falconer will receive a cash severance payment of $2,645,552. That amount represents the prorated portion of Falconer’s 2024 annual bonus, two times his 2024 base salary and bonus, and the value of certain executive employee benefits. The payout amount is in keeping with the terms of Falconer’s employment agreement, which was signed in June 2023, the SEC disclosure says.”
If given a (deserved) prison sentence, there is good old fashioned “prison justice” to folks that commit crimes against children. The least of his worries will be his severance.