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.
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.
Jan. 8, 2014, 8:53 AM
- 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.
Jan. 25, 2012, 11:06 AM
Shares of Indiana Community Bancorp (INCB +44.5%) soar after agreeing to be bought by Old National Bancorp (ONB -3.4%) in a $79M all-stock merger. Separately, INCB also reported Q4 earnings this morning, easily beating analysts' expectations as net charge-offs and loan losses dropped.| Jan. 25, 2012, 11:06 AM
Aug. 22, 2011, 2:57 PM
Aug. 1, 2011, 11:51 AM
Old National Bancorp (ONB) posts an 11.9% gain after reporting Q2 revenue and EPS of $108.8M (+11% Y/Y) and $0.18, beating a consensus of $103.7M and $0.16. The company's non-performing loans stood at $79.7M, down from $82.4M in Q2 2010. Net interest margin rose to 3.67%, from 3.40% in the year-ago period. (PR)| Aug. 1, 2011, 11:51 AM