Old National Bancorp agrees to buy LSB Financial

|About: Old National Bancorp (ONB)|By:, SA News Editor

Another community bank merger has Indiana's Old National Bancorp (ONB) inking a $66.7M deal to buy LSB Financial (LSBI), the holding company for Lafayette Savings Bank.

LSB owners will receive 2.269 shares of ONB plus $10.63 in cash for each share of LSBI they own, putting the current value of the deal at $41.67 per share vs. last night's $28.30 close. The transaction is expected to close in Q4.

ONB expects the deal to be immediately accretive to 2015 earnings by $7.5M, or $0.03 per share.