Old National purchases 24 Bank of America branches in northern Indiana, southwest Michigan
Old National Bank has purchased 24 Bank of America branches in northern Indiana and southern Michigan.
Posted on Jan. 9, 2013 at 12:00 a.m.
| Updated on Jan. 9, 2013 at 10:42 a.m.
EVANSVILLE — Old National Bank announced today that it has entered a purchase agreement to acquire 24 Bank of America branches throughout Michiana, expanding its presence in Indiana and entering Michigan for the first time.
The bank does not expect any job losses and Bank of America clients will eventually transition to become Old National clients. Old National and Bank of America are working together on a seamless transition.
The deal includes $778.8 million and $7.7 million in deposit and loan balances, respectively, as of August.
Affected branches are in the cities of South Bend and Elkhart in Indiana and Adrian, Battle Creek, Benton Harbor, Blissfield, Brooklyn, Constantine, Jackson, Kalamazoo, Niles, Paw Paw, Portage and St. Joseph in Michigan.
The transaction still must be approved by the Office of the Comptroller of the Currency and must meet the satisfaction of customary closing conditions.