Two of Danville’s bank chains with five total locations in the city are combining into one company.
First Midwest Bank and Old National Bank announced this morning that they have entered into a definitive merger agreement to create one Midwestern bank company worth a combined $45 billion in total assets.
The new company will operate under the Old National branding. Current Old National CEO Jim Ryan will maintain his role under the combined company, while First Midwest CEO Michael Scudder will become the Executive Chairman.
Old National is currently headquartered in Indiana and has $23.7 billion in assets, while First Midwest has $21 billion in assets and is based in Chicago. The new company will maintain corporate offices in both locations.
First Midwest has three branch locations in Danville, while Old National has two locations here. The merger is expected to be completed by the end of this year. A spokeswoman for Old National Bank says it has not determined if it will combine any of the locations once the sale closes.
