Old National buying United Bancorp in $170M deal

|By:, SA News Editor

Shareholders of United Bancorp (UBMI) will receive 0.70 shares of Old National (ONB) common stock and $2.66 in cash for each share of United Bancorp stock. Based on Monday's $15.02 close for Old National, the deal is worth $13.17 to United shareholders vs. the current price of $7.50 - a 74% premium. Community bank rollup fans take note.

This was corrected on 01/08/2014 at 11:01 AM. The item originally identified the ticker of the wrong United Bancorp holding company.