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Old National Bancorp to snap up Indiana Community Bancorp

Old National Bancorp has signed a definitive agreement to acquire Indiana Community Bancorp through a merger.

With nearly $985m in assets, Indiana Community Bancorp is an Indiana bank holding company with Indiana Bank and Trust Company as its subsidiary.

Founded in 1908, Indiana Bank and Trust serve the South Central Indiana area with 17 banking centres.

Old National stated the acquisition will strengthen its position as the third largest branch network in Indiana.

The transaction is valued at about $79.2m and Indiana Community Bancorp shareholders will receive 1.9 shares of Old National Bancorp common stock for each share of Indiana Community Bancorp common stock held by them.

The transaction is expected to close in the second quarter of 2012 and is subject to approval by federal and state regulatory authorities and Indiana Community Bancorp’s shareholders.

The merger agreement also provides that Indiana Bank and Trust Company will be merged into Old National Bank simultaneous with the merger of the holding companies.