Old National Bancorp.
), the Evansville, IN-based Midwest bank, is raising capital
through the issuance of unsecured senior notes. In particular, the
bank has already started the $150 million public offering of notes.
Though the purpose of this offering has not been disclosed, Old
National's commitment to drive both organic and inorganic growth as
well as fund expansion initiatives might have prompted the
Old National reported second-quarter 2014 earnings of $18.8 million
or 18 cents per share which included pre-tax merger and integration
costs of $6.3 million, along with pre-tax unfavorable changes of
$10.5 million in indemnification asset. Moreover, during the
quarter, the holding company for Old National Bank completed the
acquisition of Tower Bank & Trust Company.
Further, on Jul 28, Old National has inked an agreement to acquire
Grand Rapids-based Founders Financial Corporation in a bid to
bolster its presence in West Michigan. The recent spate of
expansion activities might have propelled the bank to make
provision for more capital.
With $10.4 billion in assets as of Jun 30, 2014, Old National ranks
among the top 100 banking companies in the U.S., offering services
in retail and commercial banking, wealth management, investments
Currently, Old National carries a Zacks Rank #3 (Hold). Some
better-ranked mid-west banks include First Business Financial
Services, Inc. (
), First Financial Corp. (
) and German American Bancorp Inc. (
). All these stocks hold a Zacks Rank #2 (Buy).
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