Ending Suspense, Old National Of Indiana Names a Successor

Old National Bancorp of Evansville, Ind., has named executive vice president James A. Risinger to take over as chairman and chief executive officer on Jan. 1.

Mr. Risinger, 48, will succeed John N. Royse, 64, who will retire. Mr. Royse, who has held the posts since 1994, will remain a director of the $5.6 billion-asset company.

Brocker C. Vandervliet, an analyst with Keefe, Bruyette & Woods Inc., said the appointment ended confusion about the future of Old National. Its failure to name a successor earlier had led some to wonder whether it would sell itself, he said.

Mr. Vandervliet said that Mr. Risinger will inherit two issues that concern analysts: lagging revenue growth and high expenses. "They've not been very focused on the cost side," the analyst said. "I hope they'll be more aggressive there."

Mr. Risinger said economizing is one of his goals. The company plans to keep on consolidating its banks over the next few years, he said; it went from 26 charters to 22 this year and plans to end next year with 18.

On the revenue front, Mr. Risinger said there will be commercial loan growth and increased profits from fledgling fee-based businesses, including insurance, trust, brokerage, and consumer finance.

Mr. Risinger said his management style isn't much different from Mr. Royse's, but "being a little younger, I may have a more aggressive outlook." Remaining independent is the company's "desire today," he noted, but "that may not be our strategy forever."

Mr. Vandervliet said Banc One Corp., First Chicago NBD Corp., and National City Corp. would be logical buyers. Old National hired Mr. Risinger in 1978 as a commercial lender. He was named executive vice president of the flagship Old National Bank in Evansville in 1988 and its president and CEO in 1992. He became senior vice president of the holding company in 1993 and executive vice president this April.

The company, which operates in Indiana, Illinois, and Kentucky, has been acquisitive in recent years, and Mr. Risinger sees no slowdown. He believes there will be more acquisition opportunities in its markets.

Mr. Royse, the former chairman of Merchants National Bank of Terre Haute, Ind., sold it to Old National 12 years ago and joined the company then.

Ronald B. Lankford, 64, will remain president and chief operating officer until the end of next year, the company said.

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