Old National Bank acquiring Minnesota bank - Tri-State News, Weather & Sports

Old National Bank acquiring Minnesota bank

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Evansville's Old National Bank has announced they are acquiring St. Paul, Minnesota based Anchor Bankcorp, Inc.

As of June 30, 2017, Anchor Bank had $2.1 billion in total assets, $1.6 billion in loans, $1.7 billion in deposits, $164 million in common shareholders’ equity and 18 bank locations.

The closing is expected to happen early 2018.

Anchor Bank was founded in 1967 and has 18 total branches.

They have no affiliation with the former AnchorBank in Madison, Wisconsin, which Old National acquired in 2016.

“This partnership, which marks Old National’s entry into Minnesota, is a natural extension of our franchise,” said Old National President & CEO Bob Jones. “Not only does it position us in strong, vibrant markets with proven growth potential, it also represents a perfect cultural fit and an opportunity to continue the strong legacy of service that has distinguished Anchor Bank for 50 years.”

Under the terms of the agreement, Anchor shareholders will receive 1.35 shares of Old National common stock and $2.625 in cash for each share of common stock of Anchor they hold. 

Based on Old National’s closing share price on August 7, 2017, of $16.45, this represents a total transaction value of approximately $303.2 million.

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