The insurance subsidiary of Old National Bancorp (ONB) in Evansville, Ind., is taking over a group of accounts from Wells Fargo's (WFC) insurance unit.
Old National Insurance bought the accounts serviced by the Evansville branch of Wells Fargo Insurance on Sunday. The companies did not disclose the financial terms of the transaction.
The accounts are mostly commercial property/casualty insurance accounts, the $9.7 billion-asset Old National said. Two sales executives will join Old National's commercial insurance group from Wells' office.
"We are thrilled about this acquisition, and we look forward to continuing to deliver the same exceptional service that Evansville-area [Wells Fargo Insurance] clients have come to expect," Tom Flynn, the chief executive of Old National Insurance, said in a news release.