The Federal Reserve Board on Monday approved the application of Old National Bancorp (ONB) to merge with United Bancorp and acquire United Bank & Trust.
Old National Bancorp, with consolidated assets of approximately $10.3 billion, is the 101st largest insured depository organization in the United States, controlling approximately $7.8 billion in deposits. Old National Bancorp controls Old National Bank, which operates in Indiana, Michigan, Illinois, Kentucky, and Ohio.
United Bancorp, with consolidated assets of approximately $899 million, is the 745th largest insured depository organization in the United States, controlling approximately $790 million in deposits. United Bancorp controls United Bank, which operates only in Michigan.
Upon consummation of the merger, Old National would become the 98th largest depository organization in the United States, with consolidated assets of approximately $11.2 billion, which represent less than 1 percent of the total amount of assets of insured depository institutions in the United States, according to the Fed.
Old National would become the 15th largest banking organization in Michigan, with total deposits of $8.6 billion.
