Indiana Community Bancorp Announces Shareholder Approval of Merger With Old National Bancorp
24 Juli 2012 - 9:42PM
Indiana Community Bancorp (Nasdaq:INCB) (the "Company"), the
Columbus-based holding company for Indiana Bank and Trust Company,
announced today that at its annual meeting of shareholders held
today, the shareholders of the Company approved the merger of the
Company with and into Old National Bancorp (NYSE:ONB). The merger
is expected to close in the third quarter of 2012, subject to the
satisfaction of the closing conditions contained in the merger
agreement.
As previously announced, under the terms of the merger agreement
with Old National Bancorp, the Company's shareholders will receive
1.90 shares of Old National Bancorp common stock for each share of
Company common stock held by them. As provided in the merger
agreement, the exchange ratio is subject to certain adjustments
(calculated prior to closing) under circumstances where the
consolidated shareholders' equity of the Company is below a
specified amount, the loan delinquencies of the Company exceed a
specified amount, or the credit mark for certain "Special Loans" of
the Company (as defined in the merger agreement) falls outside a
specified range. If the exchange ratio were measured as of May
31, 2012, including additional changes to the credit mark for
Special Loans (as defined in the merger agreement) for information
(such as appraisals, loan sales and refinancings) through June 18,
2012, no adjustments to the 1.90 exchange ratio would be required
as a result of the shareholders' equity, delinquent loan, or credit
mark levels and the exchange ratio would be 1.9 shares of Old
National Bancorp common stock for each share of Indiana Community
Bancorp common stock. It is important to note, however, that
the exchange ratio may be adjusted based on changes in the
Company's shareholders' equity, delinquent loan, or credit mark
levels prior to the closing of the Merger.
About Indiana Community Bancorp
Indiana Community Bancorp is a bank holding company registered
with the Board of Governors of the Federal Reserve
System. Indiana Bank and Trust Company, its principal
subsidiary, is an FDIC insured state chartered commercial
bank. Indiana Bank and Trust Company was founded in 1908 and
offers a wide range of consumer and commercial financial services
through 20 branch offices in central and southeastern Indiana.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements include, but are not limited to,
descriptions of Old National Bancorp's and Indiana Community
Bancorp's financial condition, results of operations, asset and
credit quality trends and profitability and statements about the
expected timing, completion, financial benefits and other effects
of the proposed merger. Forward-looking statements can be
identified by the use of the words "anticipate," "believe,"
"expect," "intend," "could" and "should," and other words of
similar meaning. These forward-looking statements express
management's current expectations or forecasts of future events
and, by their nature, are subject to risks and uncertainties and
there are a number of factors that could cause actual results to
differ materially from those in such statements. Factors that
might cause such a difference include, but are not limited to:
expected cost savings, synergies and other financial benefits from
the proposed merger not be realized within the expected time frames
and costs or difficulties relating to integration matters might be
greater than expected; the requisite shareholder and regulatory
approvals for the proposed merger might not be obtained; market,
economic, operational, liquidity, credit and interest rate risks
associated with Old National Bancorp's and Indiana Community
Bancorp's businesses, competition, government legislation and
policies (including the impact of the Dodd-Frank Wall Street Reform
and Consumer Protection Act and its related regulations); the
ability of Old National Bancorp to execute its business plan
(including the proposed acquisition of Indiana Community Bancorp);
changes in the economy which could materially impact credit quality
trends and the ability to generate loans and gather deposits;
failure or circumvention of either Old National Bancorp's or
Indiana Community Bancorp's internal controls; failure or
disruption of our information systems; significant changes in
accounting, tax or regulatory practices or requirements; new legal
obligations or liabilities or unfavorable resolutions of
litigations; other matters discussed in this press release and
other factors identified in Indiana Community Bancorp's Annual
Report on Form 10-K and other periodic filings with the Securities
and Exchange Commission. These forward-looking statements are
made only as of the date of this press release, and neither Old
National Bancorp nor Indiana Community Bancorp undertakes an
obligation to release revisions to these forward-looking statements
to reflect events or conditions after the date of this press
release.
CONTACT: For Further Information Contact:
John K. Keach, Jr., President and Chief Executive Officer
(812) 373-7816
Fax: (812) 373-7865
Indiana Community Bancorp (MM) (NASDAQ:INCB)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Indiana Community Bancorp (MM) (NASDAQ:INCB)
Historical Stock Chart
Von Dez 2023 bis Dez 2024