United Bank & Trust announces merger with Old National Bank
Editor’s note: The Herald received the following announcement just prior to press time on Wednesday, Jan. 8.
EVANSVILLE, IND., ANN ARBOR (January 8, 2014) — Evansville-based Old National Bancorp (NASDAQ: ONB) (“Old National”) and Ann Arbor-based United Bancorp, Inc. (OTCQB: UBMI), (“United”), jointly announced the execution of a definitive agreement under which Old National will partner with United through a stock and cash merger.
With nearly $919 million in total assets, an additional $869 million in wealth management assets under management, and a $963 million loan servicing portfolio, United is a bank holding company with United Bank & Trust as its wholly-owned subsidiary. United Bank & Trust currently operates 18 full-service banking centers spanning four Southern Michigan counties. Combined with Old National’s 18 current Michigan branches, this partnership will double Old National’s Michigan presence to 36 total branches.
Founded in Evansville in 1834, with $9.7 billion in assets and nearly 170 branches, Old National is the largest financial services holding company headquartered in Indiana and the fourth largest deposit holder in the Hoosier state. Old National Bank also has branches in Southern Illinois, Western Kentucky and Louisville.
“We are incredibly excited about this partnership, which introduces Old National to the vibrant community of Ann Arbor and significantly expands our presence throughout Southern Michigan,” said Old National President and CEO Bob Jones.
“United Bank & Trust has earned a reputation for exceptional, highly individualized client service, which is a testament to the strong leadership team in place. Todd Clark, United Bank & Trust’s President, will join our team and lead our expansion in Michigan as Regional President. We couldn’t be more thrilled about the growth opportunities this partnership provides, and we look forward to earning the continued loyalty and business of United Bank & Trust clients.”
“The United Board and Management Team believe the partnership with Old National will deliver significant value for our shareholders and give them the opportunity to realize additional value in the future as a shareholder of Old National,” commented United CEO Bob Chapman.