Overview
Old National Bancorp is a U.S. financial holding company whose principal subsidiary, Old National Bank, provides commercial and consumer banking services. Headquartered in Evansville, Indiana, with commercial and consumer banking operations headquartered in Chicago, the company is focused on community and commercial banking and offers lending and deposit products alongside private banking, capital markets, brokerage, wealth management, trust, and investment advisory services.[1][2][3] Its stated long-term focus is building highly valued client partnerships through a community- and commercial-banking model.[4]
The company’s franchise is primarily domestic, with a footprint concentrated in the Midwest and Southeast United States. At year-end 2024, Old National operated 280 banking centers primarily across Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Carolina, Tennessee, and Wisconsin.[5] As general size indicators, it reported $53.6 billion in assets, 4,066 full-time equivalent employees, $1.5 billion of net interest income, and $354.7 million of noninterest income in 2024.
Products & services
Old National Bancorp’s product set is centered on banking, lending, payments, and fee-based advisory services delivered through its banking centers. Its lending products for individuals primarily include home equity lines of credit, residential real estate loans, and other consumer loans, while business-oriented credit products include commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing. It also offers deposit products including noninterest-bearing demand accounts, interest-bearing checking and NOW accounts, savings accounts, money market accounts, and time deposits. Payment and access features include debit cards, ATM cards, 24-hour telephone access, online banking, and other electronic and mobile banking services.[8][3][5]
Beyond core banking, Old National offers private banking, wealth management, trust, investment advisory, brokerage, and foreign currency services. For business clients, it provides treasury management, merchant services, capital markets services, and community development lending and equity investment solutions. The company’s reported noninterest income categories indicate the relative scale of several service lines: in 2024, wealth and investment services fees were $116.8 million, service charges on deposit accounts were $78.2 million, debit card and ATM fees were $43.4 million, mortgage banking revenue was $26.2 million, and capital markets income was $20.3 million.
Geographic presence
Old National Bancorp’s geographic footprint is concentrated in the United States, primarily across the Midwest and Southeast. Its corporate headquarters and principal executive office are in Evansville, Indiana, while its commercial and consumer banking operations are headquartered in Chicago, Illinois. At December 31, 2024, Old National Bank operated 280 banking centers located primarily in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Carolina, Tennessee, and Wisconsin. The company describes its client base as being served primarily throughout the Midwest and Southeast regions of the United States.[1][2][11]
Within that footprint, deposits are most concentrated in a handful of metropolitan areas. Chicago-Naperville-Elgin accounts for 40.4% of Old National Bank’s franchise deposits, followed by Evansville at 10.4%, Minneapolis-St. Paul-Bloomington at 8.8%, and Indianapolis-Carmel-Anderson at 5.2%. Other notable markets include Milwaukee-Waukesha at 3.5%, Nashville-Davidson-Murfreesboro-Franklin at 2.4%, Madison at 2.4%, and Bloomington, Indiana at 2.1%.
Business segments
Old National Bancorp does not report multiple named business segments in its external segment note. The company states that its chief operating decision maker, the Chairman and CEO, evaluates performance and allocates resources on a consolidated, company-wide basis using consolidated income, expenses, assets, and other internal financial information, and as a result Old National has only one reportable segment.[13][14][15]
The activities included within that single segment span commercial and consumer loan and depository services, private banking, capital markets, brokerage, wealth management, trust, investment advisory, and other traditional banking services. Old National also says these business activities are predominantly similar in nature, operations, and economic characteristics, which supports its one-segment presentation.[11]
Because the company discloses only one reportable segment and does not provide a further external segment split, that single segment represents essentially 100% of reported segment activity.
Company history
Old National traces its roots to 1834 in Evansville, Indiana. The present company took shape as Old National Bancorp, a bank holding company formed in 1982, and it later described its growth over the following decades as heavily acquisition-driven, with more than 50 financial institutions acquired since that holding-company formation.[16][17]
A major expansion step came in 2011, when Old National Bank assumed deposits and purchased assets of Integra Bank in an FDIC-assisted transaction. It then continued building its regional footprint through acquisitions including LSB Financial in 2014, Founders Financial in 2015, Anchor BanCorp Wisconsin in 2016, Anchor Bancorp in 2017, and Klein Financial in 2018. Another transformative milestone followed with the completion of Old National’s merger of equals with First Midwest Bancorp on February 15, 2022, which significantly increased the company’s scale in the Midwest.
Sources
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