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Old National quarterly earnings up 21%

Old National Bancorp on Monday reported third-quarter earnings of $23.9 million, or 23 cents per diluted common share, a 21 percent increase from the $19.7 million, or 20 cents a share, posted for the same quarter of last year.

The Evansville-based parent of Old National Bank achieved the increase despite reporting $2.3 million in charges related to the July 12 merger and integration of 24 former Bank of America branches in northern Indiana and southwest Michigan.

Old National, which operates one local branch, is poised to enter the Fort Wayne market in a much bigger way. The company announced last month its planned partnership with Tower Financial Corp.

Old National has offered to pay Tower shareholders 1.2 shares of Old National stock and $6.75 cash for each share of Tower Financial common stock. The estimated total value of the deal is $107.7 million.

Bob Jones, Old National’s president and CEO, said the Bank of America and Tower Bank acquisitions reflect the bank’s continued focus on seeking growth opportunities that benefit clients and stockholders.

sslater@jg.net

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