Marine Credit Union Partners with Old National Bank to Purchase 10 Branches
La Crosse, Wis. (April 23, 2018) — La Crosse, Wisconsin-based Marine Credit Union (“Marine”) announced today that it has entered into a definitive agreement to acquire 10 banking centers throughout Wisconsin from Evansville, Indiana-based Old National Bank, wholly-owned subsidiary of Old National Bancorp (NASDAQ: ONB) (“Old National”). The purchase includes $274 million in deposits. The branches to be acquired are located in Chippewa Falls, Columbus, Dodgeville, Eau Claire, Lancaster, Monroe, New Glarus, Platteville, Prairie du Chien and Stanley. The purchase is expected to close in the third quarter of 2018, subject to regulatory approvals and other customary closing conditions.
“We are pleased to partner with Old National, a bank that shares our values, to continue providing excellent service and competitive products to customers in these communities throughout Wisconsin,” said Shawn Hanson, Marine Credit Union CEO.
Hanson continued: “As a mission-focused credit union, we strive to make life better for those around us: our members, our employees and our communities. This acquisition furthers our growth strategy and aligns with our mission. We look forward to welcoming our new employees and new customers as members of Marine Credit Union.”
“Marine Credit Union is a strong client- and community-focused organization, and we are confident that our transitioning associates will do a great job of continuing to serve the needs of their clients and communities as members of the Marine team,” said Old National Region CEO Len Devaisher.
Customers of the impacted Old National offices will receive additional information regarding the impact of the sale in the near future. Terms of the transaction were not announced.
About Marine Credit Union
Marine Credit Union is built upon the strong belief that members are more than a credit score, and we are committed to providing financial services to all members of the community—including those with past financial challenges. Marine will continue our long-standing tradition of delivering personalized lending solutions to fit our members’ individual needs. Marine Credit Union is a full-service financial institution serving over 60,000 members with office locations in Wisconsin, Minnesota and Iowa. For more information, connect with us on Facebook, Twitter, YouTube and LinkedIn.
About Old National Bank
Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the largest financial services holding company headquartered in Indiana. With $17.5 billion in assets, it ranks among the top 100 banking companies in the U.S. and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for seven consecutive years. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships with clients. Today, Old National’s footprint includes Indiana, Kentucky, Michigan, Wisconsin and Minnesota. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investments and brokerage services. For more information and financial data, please visit Investor Relations at oldnational.com.