Boston, MA 06\/04\/2014 (wallstreetpr) \u2013 To enhance customer experience, expand location presence and generate bigger profits Old National Bancorp (NASDAQ:ONB)<\/b> is putting its money to work for it in LSB Financial Corp. (NASDAQ:LSBI)<\/b>. The company is anticipating even more benefits to its side through the deal.<\/p>\n
The two financial services providers have entered a definitive agreement in which Old National will acquire LSB Financial in a transaction that involves both cash and stock. Officially, the agreement states that LSB Financial will merge into Old National.<\/p>\n
The deal will have a significant boost in the assets of Old National. LSB Financial (NASDAQ:LSBI) has $366 million in total assets and more than $312 million in deposits. The business operates as a savings and loan holding company with Lafayette Savings Bank being its wholly-owned subsidiary. Lafayette Savings Bank is the largest bank operating in Lafayette. As of now, the bank operates five banking centers in Tippecanoe County.<\/p>\n
A good name is as good as riches<\/b><\/p>\n
In view of the above, Old National expects its tie-up with LSB Financial to double its presence in Lafayette market, without mentioning the fact that the deal will bring together two like-minded financial institutions with outstanding client and community engagement legacies.<\/p>\n
According to Old National CEO Bob Jones, the bank looks forward to maintaining its leadership as community-focused bank in all the markets it serves.<\/p>\n
Old National Bancorp (NASDAQ:ONB) operates 166 branches and boasts as the largest bank holding company with headquarters in Indiana. The company had $9.5 billion in assets as of March 31, 2014.<\/p>\n
In addition to building a good reputation for itself in the financial services business, the bank’s business is business. That means its investment thesis has nothing in between expect creating value for the shareholders.<\/p>\n
Closing the transaction<\/b><\/p>\n
The banks agreed that shareholders of LSB Financial (NASDAQ:LSBI) will receive $10.63 per share in cash and 2.269 shares of Old National’s common stock shares. That brings the deal to about $67 million. However, adjustments are expected in the value because of the equity transaction involved.<\/p>\n
Old National Bancorp (NASDAQ:ONB) expects the transaction to close in 4Q2014. However, the closing of the deal is also subject to approval of LSB Financial shareholders and federal regulators.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 06\/04\/2014 (wallstreetpr) \u2013 To enhance customer experience, expand location presence and generate bigger profits Old National Bancorp (NASDAQ:ONB) is putting its money to […]<\/p>\n","protected":false},"author":32,"featured_media":24647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[1942,2236],"tags":[7089,7090,7088,7087],"stock_ticker":[],"class_list":["post-24645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-business","tag-lsb-financial-nasdaqlsbi","tag-nasdaqlsbi","tag-nasdaqonb","tag-old-national-bancorp-nasdaqonb","entry"],"acf":[],"yoast_head":"\n