Mon, Feb. 2, 9:03 AM
Sun, Feb. 1, 5:30 PM
Thu, Jan. 22, 1:36 PM
Oct. 27, 2014, 9:06 AM| Comment!
Oct. 26, 2014, 5:30 PM
Aug. 27, 2014, 7:47 AM| Comment!
Jul. 28, 2014, 9:05 AM| Comment!
Jul. 27, 2014, 5:30 PM
Jun. 4, 2014, 8:59 AM
- 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
Apr. 28, 2014, 9:10 AM
Apr. 28, 2014, 9:06 AM| Comment!
Apr. 1, 2014, 2:49 PM
- Launching coverage on a host of financial names with Neutral today, SunTrust Robinson Humphrey does start two stocks with a Buy, and they're on the move: Pinnacle Financial (PNFP +2.7%) and Signature Bank (SBNY +2.6%). Both have stood out to the sell-side in the past for being among the few organic growth names in banks.
- Started at Neutral: Associated Banc-Corp (ASBC), Independent Bank (INDB), MB FInancial (MBFI), Old National (ONB), Piper Jarray (PJC -0.9%), Private Bancorp (PVTB), Wintrust Financial (WTFC), First Midwest (FMBI), and Fulton Financial (FULT).
Mar. 4, 2014, 10:47 AM
- The fast pace of smaller bank roll-ups looks set to take a pause as acquirers shy away from higher prices and instead focus on integrating recent purchases. Deal prices this year have climbed to an average of 136.8% of TBV vs. 128.7% in 2013 and 120.3% in 2012, according to SNL Financial.
- Of course, higher stock prices make it easier to pay, with SNL's Bank & Thrift Index now trading near 170% of TBV from 145% about a year earlier.
- Speaking at a recent conference, BankUnited (BKU +1.9%)CEO John Kanas says a strong currency is of little use if the target bank can't grow its business at the same multiple as his bank. Further, any buyer should be prepared to spend a year distracted with regulators.
- Still on the hunt, Home BancShares (HOMB +3.3%) CEO Randy Sims takes note of frothy seller expectations, noting a number of deals where the seller has baked in 50% growth into its asking price.
- Hancock Holdings (HBHC +3.1%) chief Carl Chaney agrees prices are rising, but so too is the quality of the books he's looking at.
- Trustmark (TRMK +3.7%) CEO Gerard Host says growth is necessary now that the bank's passed $10B in assets and faces a whole host of new regulations and costs. "We're going to have to pay to do the deals we want to do ... It's not just about money."
- Old National Bancorp (ONB +2.5%) CEO Bob Jones says he spends nearly 20% of his time talking to CEOs and boards of potential targets and these things take time. The recently closed purchase of Tower Financial, he says, was 10 years in the making.
- Also presenting: BXS, FFCH, UBSH, PB
Feb. 21, 2014, 12:35 PM
- A couple of acquisitive banks rate upgrades to Buy today, with Sandler O'Neill boosting Old National Bancorp (ONB +2.7%) and BB&T lifting First Financial Holdings (SCBT +2.7%).
- "It's tough to break old habits," wrote SA Pro's Stephen Rosenman in a bearish essay Old National one month ago. The bank has been overpaying for acquisitions for decades and can't seem to stop.
Feb. 3, 2014, 9:19 AM
Feb. 3, 2014, 9:07 AM
ONB vs. ETF Alternatives
Old National Bancorp is a financial holding company. It provides commercial and consumer loan and depository services, investment and brokerage services, lease financing and other traditional banking services.
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