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Old National Bancorp closes Anchor BanCorp Wisconsin deal

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Old National Bancorp closes Anchor BanCorp Wisconsin deal

Evansville, Ind.-based Old National Bancorp completed its acquisition of Madison, Wis.-based

Anchor BanCorp Wisconsin common stockholders received about$186.2 million in cash and 20.6 million Old National common shares in the deal. Old National plans to convert allAnchorBank branches in the third quarter.

Old National enters Wisconsin with the deal,and named Len Devaisher CEO of its Wisconsin region and Kevin Anderson as Milwaukeeregion president. Devaisher has headed the company's commercial administration,cash management and indirect lending functions since 2014.Anderson, who will report to Devaisher, joined Old National in 2014 and was mostrecently senior vice president and corporate relationship manager in the Louisvilleregion.

Old National Bancorp reported net income of $26.9 million,or 24 cents per share, in the first quarter, compared to net income of $20.9 million,or 18 cents per share,in the 2015 first quarter. Results for the quarter included $1.4 million in pretaxcharges related to the merger.