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Old National Bancorp agrees to buy LSB Financial

  • 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.
  • Source: Press Release
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