La Crosse, Wisconsin-based Marine Credit Union (“Marine”) announced today that it has entered into a definitive agreement to acquire 10 banking centers throughout Wisconsin from Evansville, Indiana-based Old National Bank, wholly-owned subsidiary of Old National Bancorp (NASDAQ: ONB) (“Old National”). The purchase includes $274 million in deposits. The branches to be acquired are located in Chippewa Falls, Columbus, Dodgeville, Eau Claire, Lancaster, Monroe, New Glarus, Platteville, Prairie du Chien and Stanley. The purchase is expected to close in the third quarter of 2018, subject to regulatory approvals and other customary closing conditions.
“We are pleased to partner with Old National, a bank that shares our values, to continue providing excellent service and competitive products to customers in these communities throughout Wisconsin,” said Shawn Hanson, Marine Credit Union CEO.
Hanson continued: “As a mission-focused credit union, we strive to make life better for those around us: our members, our employees and our communities. This acquisition furthers our growth strategy and aligns with our mission. We look forward to welcoming our new employees and new customers as members of Marine Credit Union.”
“Marine Credit Union is a strong client- and community-focused organization, and we are confident that our transitioning associates will do a great job of continuing to serve the needs of their clients and communities as members of the Marine team,” said Old National Region CEO Len Devaisher.
Customers of the impacted Old National offices will receive additional information regarding the impact of the sale in the near future. Terms of the transaction were not announced.