COVINGTON, Ind. - Old National Bancorp said it signed a letter of intent to merge with Western Indiana Bancorp in a stock transaction worth $17.7 million.
Old National said Western Indiana shareholders will receive 15.8 Old National shares for each Western Indiana share they hold.
Based on current prices, that equals about $570 for each Western Indiana share, Old National said.
Old National said it expects to close the transaction by mid-1994.
Western Indiana is the parent company of Bank of Western Indiana, which has assets of $75 million.
