OLD NATIONAL BANCORP /IN/ (ONB)

Old National Bancorp is a financial holding company incorporated in Indiana and the parent of Old National Bank, its wholly owned national banking subsidiary. With consolidated assets of $53.6 billion at December 31, 2024, it describes itself as the sixth largest Midwestern-headquartered bank by asset size and among the top 30 banking companies headquartered in the United States. Through the bank and non-bank affiliates it provides consumer and commercial banking, wealth management and capital markets services. The bank traces its roots to 1834, and the company has grown through more than 50 acquisitions since forming its holding company in 1982.

Each banking center offers a similar group of community banking services: commercial, real estate and consumer loans; deposits; and private banking, capital markets, brokerage, wealth management, trust and investment advisory services. Lending to individuals consists mainly of home equity lines of credit, residential real estate loans and consumer loans. Commercial lending includes commercial, commercial real estate and agricultural loans, letters of credit and lease financing. Residential mortgages are either held in the portfolio or sold to secondary investors. Deposit products include noninterest-bearing demand, interest-bearing checking and NOW, savings and money market, and time deposits, with debit and ATM cards, telephone, online and mobile access. The company also offers foreign currency services, and for businesses it provides treasury management, merchant and capital markets services, community development lending and equity investment solutions.

The company serves individual and commercial clients primarily in the Midwest and Southeast. At December 31, 2024, Old National Bank operated 280 banking centers in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Carolina, Tennessee and Wisconsin. Its largest markets by deposit share include Chicago, Evansville, Minneapolis-St. Paul, Indianapolis, Milwaukee, Nashville, Madison and Bloomington. Recent strategic transactions include the February 2022 merger of equals with First Midwest, the April 2024 acquisition of CapStar (adding $3.1 billion in assets and strengthening its Nashville presence), and a November 2024 agreement to acquire Bremer ($16.5 billion in assets), expected to close in mid-2025. In 2022 it sold its health savings account custodial business.

The corporate headquarters and principal executive office are in Evansville, Indiana, with commercial and consumer banking operations headquartered in Chicago, Illinois. The company had 4,066 full-time equivalent team members at December 31, 2024. It competes with other commercial banks, savings and loan associations, credit unions, mortgage banking firms, FinTech companies, consumer finance companies, securities brokerage firms, insurance companies, money market mutual funds, and private equity and debt funds. Many of these competitors are larger and have greater resources. The company is regulated as a bank holding company and financial holding company by the Federal Reserve, and Old National Bank is regulated by the OCC.