Old National of Ind. Purchasing Rival Bank
EVANSVILLE, Ind. - Old National Bancorp said Monday that it plans to buy hometown rival Permanent Bancorp in a $92 million stock deal.The deal for $500 million-asset Permanent would be a departure for Old National, which typically targets market leaders outside its home base. The $8.5 million-asset company has two pending acquisitions, a $212.4 million deal for ANB Corp. of Muncie and a $63.2 million deal for Heritage Financial Services Inc. in Clarksville, Tenn.
John S. Poelker, Old National's chief financial officer, said the acquisition "will have an immediate and positive impact on our financial results and our service levels in the Evansville market."
The deal is expected to close in the third quarter.
- Craig Woker
Deal Would Combine Two Tennessee Banks
KNOXVILLE, Tenn. - National Commerce Bancorp. said Monday that it has a deal to buy First National Bank of Lenoir City for an undisclosed sum.National Commerce, the $7 billion-asset parent of NBC Bank, said it aims to increase its presence in eastern Tennessee and augment its in-store branch network. First National, with $260 million in assets, has offices in Lenoir City, Loudon, Maryville, and Knoxville.
The deal is expected to close in the first quarter.
- Taran Provost
Head of London Office At Paribas Quits Bank
PARIS - Paribas SA's chief executive in London, Robert de Metz, resigned Monday. He is the fifth member of Paribas' 11-member board to leave since the takeover by Banque Nationale de Paris SA.Mr. de Metz has been succeeded by Pascal Boris, who has been with Paribas since 1988 and in London since 1992, BNP said. Mr. de Metz had been with Paribas since 1991 and did not get a top post in the new group after the takeover in August.
- Bloomberg News