Old National Bancorp (ONB) of Evansville, Ind., is taking advantage of Bank of America's cost-cutting efforts by snapping up some of the megabank's unwanted branches.

The parent company of Old National Bank announced Wednesday that it has reached an agreement to buy 24 Bank of America (BAC) branches in northern Indiana and southwest Michigan.  This deal would be the first foray into Michigan for the $9.4 billion-asset Old National, which lends in Indiana, Illinois and Kentucky.

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