Old National and First Midwest Complete Merger of Equals



Old National Bancorp and First Midwest Bancorp completed their all-stock merger of equals, which was first reported in June of 2021. The combined company will have more than $46 billion of combined assets and $34 billion of assets under management.

“The completion of this partnership marks an historic milestone for both Old National and First Midwest,” Jim Ryan, CEO of Old National, said. “We are excited to bring the promise of our two companies together and leverage our talent, expertise and increased scale and market presence to benefit our clients, team members, communities and shareholders.”

“This combination makes us one of the Midwest’s largest commercial banks and positions us well for continued expansion, investment and innovation in talent, capabilities and services,” Mike Scudder, executive chairman of the combined company, said. “We look forward to building upon the strong legacy of exceptional relationship banking and community engagement that both banks have developed over several decades to create even more opportunities to help our clients achieve financial success.”

The combined organization will operate under the Old National Bancorp and Old National Bank names, with dual headquarters in Chicago and Evansville, IN. The system conversion is expected to be completed in July.

The combined company’s board of directors consists of 16 members, with eight directors from Old National and eight directors from First Midwest:

  • Mike Scudder, Executive Chairman
  • Becky Skillman, Lead Independent Director
  • Barbara Boigegrain
  • Tom Brown
  • Kathryn Hayley
  • Pete Henseler
  • Dan Hermann
  • Ryan Kitchell
  • Austin Ramirez
  • Ellen Rudnick
  • Jim Ryan
  • Tom Salmon
  • Michael Small
  • Derrick Stewart
  • Steve Van Ardsell
  • Kathy White

At the effective time of the merger on Feb. 15, 2022, each share of First Midwest common stock was converted into the right to receive 1.1336 shares of Old National common stock, with First Midwest stockholders receiving cash in lieu of fractional shares. Former First Midwest stockholders collectively represent approximately 44% of the combined company.

Shares of First Midwest ceased trading after the closing of the NASDAQ stock market on Feb. 15. The combined company’s common shares will trade on NASDAQ under ticker symbol “ONB.”

In addition, each share of 7% fixed rate non-cumulative perpetual preferred stock, Series A, of First Midwest outstanding and each share of 7% fixed rate non-cumulative perpetual preferred stock, Series C, of First Midwest was converted, respectively, into the right to receive one share of a newly created series A and series C of preferred stock of Old National at the effective time of the merger. Each outstanding First Midwest depositary share representing a 1/40th interest in a share of the applicable series of First Midwest preferred stock was converted into an Old National depositary share representing a 1/40th interest in a share of the applicable series of the Old National preferred stock.


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