Old National Bancorp in Evansville, Ind., has agreed to buy 14 of its own branches for $66.2 million.
The $12.1 billion-asset Old National said that by owning the branches instead of leasing them, it would have greater control of the properties, classify the branches as assets on its balance sheet and become more efficient. Old National did not provide an estimated cost savings.
Old National expects its acquisitions of the branches in Indiana and Kentucky to close in the fourth quarter.
Old National would acquire 11 branches from Lawrence Kadish Real Estate in Old Westbury, N.Y.; two branches from Bubeck LLC in Evansville; and one branch from North Main Bank LLC in Evansville.
Ziemer, Stayman, Weitzel & Shoulders was the legal counsel for Old National.