Old National acquires Minnesota-based Anchor Bancorp for $303.2M
Old National Bancorp (ONB) and St. Paul, Minnesota-based Anchor Bancorp jointly announced today the execution of a definitive agreement under which Old National will acquire Anchor through a stock and cash merger. With $2.1B in total assets, Anchor is a bank holding company with Anchor Bank, N.A. as its wholly-owned subsidiary. Under the terms of the agreement, Anchor shareholders will receive 1.35 shares of Old National common stock and $2.625 in cash for each share of common stock of Anchor they hold. Based on Old National's closing share price on August 7, this represents a total transaction value of approximately $303.2M. The definitive merger agreement has been unanimously approved by the boards of both Old National and Anchor. The transaction remains subject to regulatory approval and the vote of Anchor shareholders. The transaction is anticipated to close early in Q1 of 2018.