TERRE HAUTE —
Regional restructuring of Old National Bank branches is expected to increase efficiency without eliminating jobs, bank officials said Thursday.
Earlier in the day, Old National Bank announced in a media release its plans to sell or consolidate 27 banking centers, in addition to selling the deposits of nine banking centers in Kentucky and Illinois. None of the Terre Haute locations are expected to be involved at this time, officials said.
Dan Doan, Central Region CEO of Old National Bank, said that many the of banking locations to be consolidated are those in retail spots such as grocery stores, emphasizing that job losses are not anticipated.
According to the release, “Clients of the sold or consolidated branches will be notified through the mail, online and through branch postings. The closures and conversions are anticipated to take place late fourth quarter of 2012 or early first quarter of 2013.”
Kathy Schoettlin, executive vice president of communications for Old National Bank, said the organization has worked diligently to ensure that employees are afforded an opportunity to stay with the bank.
“We are obviously very committed to our communities,” she said.
Some 18 banking centers will be consolidated into existing branch locations, with nine of those in the Indianapolis area, five in central Indiana and four in southern Indiana, according to the release.
Consolidations in central Indiana include the merger of a location inside the Martinsville Walmart with one located in Bloomington’s Marsh store; the branch in Tilton, Ill., into that of Danville, Ill.; the location inside the Crawfordsville Walmart into the branch in Hillsboro; the branch inside Lafayette’s Marsh store into a branch in the same town; and the branch on Washington Street in Winchester will merge into the branch on South Meridian in that town.
According to the release, half of the consolidations are Indianapolis in-store branches with an approaching expiring lease. These locations will be consolidated into a nearby Old National branch, many of which are within a one- to two-mile radius.
Old National Bancorp is the largest financial services holding company headquartered in Indiana and, with $8.7 billion in assets, ranks among the top 100 banking companies in the United States the company says. Old National also owns Old National Insurance, which is one of the top 100 largest agencies in the U.S. and the 10th largest bank-owned insurance agency.
The bank currently has 183 locations.
Shares of Old National fell 3 cents to $12.70 in morning trading.
Brian Boyce can be reached at 812-231-4253 or brian.boyce@tribstar.com.
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Evansville-based Old National Bank is planning to sell or consolidate 27 branches. Locations in Illinois and Kentucky are being sold to other banks and 18 centers in Indiana will be consolidated into other locations. The company says the moves are part of ongoing efficiency improvements.
Discussion
Old National consolidating 27 banking centers in Midwest
No Terre Haute branches included in current plans
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