Old National Bancorp in Evansville, Ind., has agreed to acquire Founders Financial in Grand Rapids, Mich., for $88.2 million in cash and stock.

Old National said Monday that it would pay $38 in cash and exchange 3.25 shares of its common stock for each share of the privately held Founders, which has $466 million of assets. Based on the most recent closing price of Old National stock of $13.87 per share, the deal values Founders' common stock at $83.08 per share. However, the price could change as Old National's share price fluctuates.

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