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Integra Bank in Evansville, Ind., was closed by the Office of the Comptroller of the Currency, after fighting to survive for nearly two years.
July 29
In an otherwise down day for bank stocks, shares of Old National Bancorp rose sharply Monday after the Evansville, Ind., company reported strong earnings for the second quarter and added dozens of new branches with its acquisition of a failed bank.
Late Friday, Old National added $1.5 billion of deposits, $1.2 billion of loans and 52 branches in Indiana, Illinois and Kentucky when it took over longtime rival Integra Bank after regulators seized it.
Early Monday, the $8.1 billion-asset company said that its second-quarter earnings increased 62% from the same period last year, to $17 million, due primarily to improving credit quality and a widening net interest margin.
On a per-share basis, earnings rose 42%, to 18 cents, or two cents better than consensus analysts estimates, according to Thomson Reuters.
Old National's share price rose 7.3% in heavy trading Monday, to close at $10.94. Among bank stocks, Old National was the top gainer for the day on the New York Stock Exchange.
