OBLONG, Ill. -- Oblong Bancshares said it plans to merge with Old National Bancorp of Evansville, Ind., in an all stock transaction valued at $14.7 million.

The deal is expected to be completed either late this year or in early 1995, and it's subject to shareholder and regulatory agency approval. Oblong Bancshares' board of directors has approved the merger.

Wilfred J. Cross, president of Oblong and its subsidiary, First National Bank of Oblong, said his organization is "a natural extension of Old National's markets."

Old National Bancorp President, John N. Royse, said, "After completion of four other pending mergers, we expect the First National Bank to join us without a hitch."

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