The Office of the Comptroller of the Currency has approved St. Paul, Minn.-based Anchor Bancorp Inc. unit Anchor Bank NA's pending merger with and into Evansville, Ind.-based Old National Bancorp unit Old National Bank.
The parent companies have also secured a waiver for Federal Reserve approval. Anchor shareholder approval is still pending. The deal, however, is expected to take effect Nov. 1, with systems conversion projected to finish in the second quarter of 2018.
Old National recorded approximately $400,000 in merger and integration charges in the third quarter and expects to incur approximately $16 million more in the fourth quarter. An additional $9 million is likely to be recorded in 2018.