EVANSVILLE, Ind. - Old National Bancorp announced Thursday that it would close or sell 10 of its branches and eliminate 100 jobs, or about 3% of its work force, as it consolidates six administrative regions into three.
The $8.9 billion-asset company will take a $4.7 million charge for the second quarter to cover severance pay, and facilities and equipment writeoffs. It took an additional after-tax charge of $1.2 million for its acquisition of ANB Corp. of Muncie, Ind. Old National's net income for the quarter was $20 million, down 16% from the same period a year earlier.