Old National Bancorp announced Tuesday that it has recruited Timothy Burke Jr., a former regional sales leader at KeyCorp, to be its next company president and chief operating officer.
Burke's tenure at Old National began Tuesday, the $71 billion-asset regional bank said in its second-quarter earnings release. Burke succeeds Mark Sander, who
Like Sander, Burke will oversee Old National's commercial and community banking businesses, as well as wealth, credit and marketing. About 4,000 employees will report to him, a company spokesperson said in an email.
Burke will report to Old National Chairman and CEO Jim Ryan, who highlighted Burke's nearly three decades of experience during a conference call to discuss the bank's quarterly results.
Burke was most recently the regional sales executive for the central region at KeyCorp's banking arm — in charge of commercial banking in 12 Midwestern markets, including Chicago, Cleveland, Columbus and parts of Indiana. He was also head of "field enablement" for Key's commercial bank.
"I am confident that Tim possesses the experience, energy, optimism and passion necessary to ensure that Old National continues to outperform our peers, exceed our clients' expectations, strengthen our communities and deliver outstanding returns for our shareholders," Ryan said.
Burke joined KeyBank in 2016 as a market president, according to his LinkedIn profile. Earlier, he was a regional CEO for seven years at FirstMerit Bank, which was
Read more about bank earnings here:
Burke's appointment comes about two-and-a-half months after Old National closed its latest acquisition. The bank completed its
Closing the acquisition early proved to be good news for Old National's latest loan and deposit tallies. In the second quarter, period-end loans, including those acquired through the Bremer deal, rose 32% year over year, according to the bank's second-quarter earnings slideshow.
Period-end deposits, including those from Bremer, rose even more — 36% year over year.
Excluding the $11.2 billion of Bremer-related loans, total loans in the second quarter were up 3.7% compared with the year-ago quarter, while total core deposits were up 0.8%, the bank said.
For the full year, Old National continues to expect loans to be up 4%-6% versus the prior year, excluding the impact of the Bremer loans, Chief Financial Officer John Moran told analysts during the conference call. He cautioned, however, that the final number will "likely [be] toward the lower end of that range given the first-half results, current competition, the uncertain geopolitical environment and active portfolio management."
For the second quarter, Old National reported net income of $121.4 million, up about 3.5% from $117.2 million in the same quarter last year. Earnings per share totaled $0.34, beating the average $0.30 estimate predicted by analysts polled by S&P Capital IQ.
On whether the bank, which has been acquisitive in recent years, is thinking about its next deal, Ryan said "there's nothing in [the] playbook right now."
"We've got great organic growth opportunities," Ryan said, adding that the bank has top-decile profitability ratios. "So, we['ve] got lots of flexibility just to continue to run this place and grow organically."
Then he added: "If the perfect pitch comes along, and it makes a ton of sense, something like Bremer where it just made an absolute home-run sense, we would actually have to take a look at that, as you would expect."
