First National Bank and Trust Company to Join Old National Bancorp.CARBONDALE, Ill.--(BUSINESS WIRE)--May 27, 1998--Southern Bancshares, the one-bank holding company for the First National Bank and Trust Company in Carbondale, Illinois Carbondale is a city in Southern Illinois in the midwest United States, is 96 miles or about two hours south of Saint Louis, Missouri. It is known mainly as the site of the main campus of Southern Illinois University. The city is located in Jackson County, Illinois. , will affiliate with Old National Bancorp (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :OLDB OLDB on Line Data Base ) of Evansville, Indiana
Evansville (IPA: [ˈɛ.vənzˌvɪl]) is the third-largest city in the state of Indiana. , subject to shareholder and regulatory agency regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. approval. Today Old National Bancorp Chairman James A. Risinger announced that the Southern Bancshares' board of directors has signed a definitive agreement to merge in an all-stock transaction valued at approximately $80.9 million. Southern Bancshares shareholders will receive 2.75 shares of Old National stock for each share they now own. "The merger with First National Bank and Trust Company represents continued expansion for Old National in Southern Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. ," said Risinger. "As we extend our franchise we are establishing an improved market share in an area where we strategically desire to expand." Joe R. Kesler, president of First National Bank and Trust Company said, "We are pleased to join this great family of banks. This merger will enable our shareholders to benefit from the traditionally strong value of Old National's stock, while our customers will enjoy the continuation of the same community-based service they have come to expect from our bank." It is anticipated that Old National's existing affiliate in Harrisburg, Illinois Harrisburg is a city in Saline County, Illinois, United States. The population was 9,860 at the 2000 census. It is the county seat of Saline County.GR6 At the Concurrency of U.S. (also named First National Bank), will merge with the First National Bank and Trust Company in Carbondale. The addition of First National Bank in Harrisburg's $206 million in assets will bring First National Bank and Trust Company's combined total assets to approximately $455 million and number of offices to 10. First National Bank and Trust Company will be the 37th financial institution to join Old National Bancorp since 1985. Upon completion of the merger expected in the fourth quarter of 1998, Old National will have over $6 billion in assets. For more company information visit Old National Bancorp's web site at www.oldnational.com. CONTACT: Old National Bancorp Ron Seib, 812/464-1530 E-mail: Ron_Seib@oldnational.com or Ann Burnworth, 812/464-1468 E-mail: Ann_Burnworth@oldnational.com |
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