Old National Bancorp in Evansville, Ind., has agreed to sell a total of 17 branches in Indiana, Illinois and Ohio to First Mid-Illinois Bancshares and MainSource Financial Group.
The $11.6 billion-asset Old National will sell 12 branches in southern Illinois to First Mid-Illinois in Mattoon, which also plans to conduct a private offering to finance the acquisition. The $1.6 billion-asset First Mid-Illinois provided no other details in a Friday press release.
Separately, MainSource in Greensburg, Ind., agreed to buy four branches in Indiana, along with one location is in Union City, Ohio. The $3.1 billion-asset MainSource will also buy $120 million in deposits roughly 80% of the deposits are checking and savings accounts and $30 million in loans. The transaction is expected to close in July; no price was disclosed.
"This branch acquisition demonstrates our commitment to communities we currently serve such as Batesville and Portland, while expanding our position in surrounding communities, such as Richmond and Brownstown," Archie Brown Jr., MainSource's president and chief executive, said in a press release Friday. The Ohio branch "is a natural extension into a market adjacent to our current market."
