|Over a month ago|
Old National Bancorp approves $1.35B in total loan volume through PPP » 07:0704/2004/20/20
The company said,…
The company said, "To assist our consumer and business clients during this time of need, Old National is providing relief in several ways: Approving loan payment extensions and waiving or refunding certain banking fees for clients experiencing a COVID-19-related hardship. Aiding thousands of our clients by administering the Small Business Administration's Paycheck Protection Program. Through April 16, 2020, we have approved approximately $1.35 billion in total loan volume through the PPP."
Old National Bancorp announces new strategic plan » 07:0604/2004/20/20
The company said,…
The company said, "Old National is implementing a new strategic plan - and overall way of doing business - designed to keep our clients at the center of all we do. Known as The ONB Way, it includes: Realigning the organization into clearly defined segments to align leaders and relationship managers with the client segment they can best serve. Deepening client relationships through integrated Commercial, Community Banking and Wealth teams. Simplifying and improving the end-to-end banking/borrowing journey while adhering to strong risk management principles. Creating a new Wealth Division that combines wealth management, investments and private banking for a simplified, highly consultative client experience firmly rooted in financial planning. Investing in our operational and IT infrastructure to meet our clients "where they are" and ensure that we keep pace with technology and client digital expectations. Another component of The ONB Way is the optimization of our branch network. This optimization, which includes 31 banking center consolidations scattered throughout the footprint, reflects an ongoing shift among our clients toward digital banking solutions. The consolidation of 12 of these banking centers occurred on April 13, 2020, and the remaining 19 are anticipated to be consolidated on April 24, 2020. Many of the facilities to be consolidated are in smaller markets, several of which were added in recent years through partnership activity. By state, these consolidations include 10 banking centers in both Wisconsin and Indiana, five in Michigan, four in Minnesota and two in Kentucky."
Old National Bancorp reports Q1 adj. revenue $199.4M, consensus $194.7M 07:0504/2004/20/20
Old National Bancorp reports Q1 adj. EPS 25c, consensus 28c » 07:0404/2004/20/20
Reports net interest…
Reports net interest income on a fully taxable equivalent basis was $147.1 million compared to $152.2 million, net interest margin on a fully taxable equivalent basis was 3.31% compared to 3.46%. At the end of the first quarter, total risk-based capital was 12.3% and regulatory tier 1 capital was 11.4%. Tangible common equity to tangible assets was 8.81% at the end of the first quarter compared to 9.09% in the fourth quarter of 2019. "While we are pleased with our 1st quarter progress and the implementation of the ONB Way strategic initiatives, our commitment and focus today is on supporting our clients, team members and communities during the COVID-19 pandemic," said Chairman & CEO Jim Ryan. "With this goal in mind, we are giving $1.2 million to COVID-19 relief efforts - both immediate and near-term - while also working diligently to help our clients take advantage of our own internal relief programs and the various government support programs. I'd also like to thank our team members for their hard work and unwavering commitment to serving our clients and communities during this difficult time."
Stephens upgrades Old National, First Busey and S.Y. Bancorp to Overweight » 06:4304/0904/09/20
ONB, BUSE, SYBT
As previously reported,…
As previously reported, Stephens analyst Terry McEvoy upgraded Old National Bancorp (ONB), First Busey (BUSE) and S.Y. Bancorp (SYBT), all to Overweight from Equal Weight, as he views the three being "better positioned" among the Midwest banks he covers. For Old National, McEvoy highlights its consistent results, balance sheet strength, and capitalization in a stress test scenario; for Stock Yards, McEvoy highlights its "decades of consistent profitability" and capitalization; and for First Busey, he considers " lessons learned from the last crisis" and a more traditional, in-market loan portfolio along with its capitalization. For Old National, McEvoy keeps an unchanged $16 price target; for First Busey he keeps a $21 target; and for S.Y. he still has a price target of $34.
Old National Bancorp upgraded to Overweight from Equal Weight at Stephens » 06:0904/0904/09/20
Stephens analyst Terry…
Stephens analyst Terry McEvoy upgraded Old National Bancorp to Overweight from Equal Weight.
Old National Bancorp to shift to appointment-only banking at all locations » 10:0203/1903/19/20
Starting Friday, March…
Starting Friday, March 20, Old National will shift to appointment-only banking at all branch locations. This will enable members of the Old National staff to clean and disinfect surfaces after each visit. The drive-thru will remain open at all locations. Drive-thru hours of operation will not change. "As the coronavirus situation has evolved, we've learned that taking serious precautions now may be the best way to help our clients, colleagues and communities stay safe," said Old National Chairman & CEO Jim Ryan. "That's why we're making these important but temporary changes at our banking centers." Appointments will be available between 9 a.m. and 3 p.m. local time, with the first hour of each day reserved for those 60 or older and others who are deemed high-risk.
|Over a quarter ago|
Old National Bancorp appoints CEO Jim Ryan as chairman » 09:1601/3101/31/20
The Old National Bancorp…
The Old National Bancorp Board of Directors named Old National CEO Jim Ryan as the company's new Board Chairman. Ryan succeeds Bob Jones, who retired as Old National CEO in May 2019. Back in January 2019, Jones announced that he would retire from the Board in January 2020. Ryan will assume the duties of Chairman in addition to his current responsibilities as Old National CEO. Former Indiana Lieutenant Governor Becky Skillman will maintain her role as independent Lead Director of the Old National Board.
Old National Bancorp appoints four new executive leaders » 06:3901/2101/21/20
As part of The ONB Way,…
As part of The ONB Way, Old National welcomed four new executive leaders. Chady AlAhmar, Wealth Division CEO. Most recently a Senior Executive of Wealth Management at U.S. Bank, Chady is passionate about achieving business growth through driving strategy optimization, team collaboration, sales practices, business development and analytics. Prior to joining U.S. Bank, he held strategy, finance and management consulting positions with GMAC and ACG in New York and ran his own management consulting firm for several years. He will be located in Minneapolis. Paul Kilroy, Chief Information Officer. Paul brings a wide and impressive array of IT expertise and leadership experience to his role as ONB CIO, including Cloud, data and application rationalization strategies, and robotics and automation. Most recently, he served as SVP, Segment CIO of Enterprise Shared Services, Data and Architecture for Huntington National Bank, where he created a groundbreaking Robotics Center of Excellence. Scott Fecteau, Chief Client Services Officer, Operations. Scott is an Operations, Financial and Risk Management executive with nearly 30 years of industry experience. He most recently served as Managing Director/Global Delivery Lead BPO for Accenture Credit Services in Charlotte, North Carolina. Malinda Anthony, Treasury Management President. Malinda joined ONB from Wells Fargo in Indianapolis, where she most recently served as North Division Sales Manager, overseeing TM sales supporting commercial banking in 10 states. In her role as ONB TM President, she is responsible for the entire Treasury Management business line, including sales, operations and support, product and process innovation, and Merchant Services.
Old National Bancorp approves 7.0M shares stock repurchase plan » 06:3801/2101/21/20
Old National Bancorp …
Old National Bancorp approved the adoption of a stock repurchase plan that authorizes up to 7.0M shares of Old National Bancorp stock to be repurchased, as conditions warrant, through January 31, 2021. These shares may be purchased in either the open market or in privately negotiated transactions, in accordance with SEC regulations.