Evansville-based Old National is taking over Columbus-based Indiana Community Bank. The the deal was announced Wednesday.
Old National Bank will acquire Indiana Community Bank’s nearly $1 billion in assets and its 17 banking centers in the Columbus area.
Old National CEO Bob Jones says the merger is beneficial for both companies.
“For Old National this is a great strategic move, it allows us to gain entry into the Columbus Indiana Market, Seymour, North Vernon as well as the other markets along 65,” he says. “I think from the perspective of Indiana Community they get to partner with a bank that shares a deep commitment to the clients and the communities much like we do.”
Jones says the only change customers will see in the short term is the changing of signs on the banks.
“The signs will stay Indiana Community until the end of the second quarter and then shortly thereafter they will be called Old National Bank,” he says.
But the merger could also mean some job cuts. Jones says Old National has not made any decisions yet on the size of its workforce.
“We’re going to try to make sure we are as efficient as possible and we will continue to look at the number of employees we have,” Jones says. “When we make those decisions we commit to be very fair and communicate and do what’s right.”
The merger makes Old National Bank the third largest bank in Indiana. Old National was already the largest Indiana-based bank with nearly $9 billion in assets.