first tarp payback...
Wire: GlobeNewswire, Inc. (PZM) Date: 2009-03-31 15:19:42
Old National Bancorp Repurchases Preferred Stock From U.S. Treas
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Old National Bancorp Repurchases Preferred Stock From U.S.
Treasury
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EVANSVILLE, Ind., March 31, 2009 (GLOBE NEWSWIRE) -- Old National
Bancorp (NYSE:ONB) announced today that it repurchased all of the $100
million in preferred, non-voting stock that was sold to the U.S.
Department of Treasury as part of the Capital Purchase Program (CPP)
for healthy financial institutions. In December, Old National, which
was approved by Treasury to receive up to $150 million in CPP funds,
made the decision to accept $100 million in funding through the CPP
portion of the Treasury Department's Troubled Asset Relief Program
(TARP).
Prior to making the decision to repurchase the shares, Old National, in
conjunction with an outside firm, performed a rigorous stress test on
the Company's balance sheet and earnings. This test is comparable to
the one required of the largest banks by the U.S. Treasury. Based on
the results of the stress test, the Company believes that it's well
positioned to withstand current and future economic challenges. Old
National was approved to repurchase its preferred stock by the Treasury
Department with consultation and approval from the Federal Reserve and
Office of the Comptroller of the Currency (OCC).
"We take pride in our 175-year heritage of transparency, trust and
community commitment. Repurchasing our preferred stock will enable us
to continue to fulfill our mission of serving as a community partner
with integrity," said Old National Bancorp President & CEO Bob Jones.
About Old National Bancorp
Old National Bancorp, celebrating its 175th anniversary in 2009, is the
largest financial services holding company headquartered in Indiana
and, with $7.9 billion in assets, ranks among the top 100 banking
companies in the United States. Since its founding in Evansville in
1834, Old National has focused on community banking by building
long-term, highly valued partnerships with clients in its primary
footprint of Indiana, Illinois and Kentucky. In addition to providing
extensive services in retail and commercial banking, wealth management,
investments and brokerage, Old National also owns one of the largest
independent insurance agencies headquartered in Indiana, offering
complete personal and commercial insurance solutions. For more
information and financial data, please visit the Company's website at
www.oldnational.com.
The Old National Bancorp logo is available at
globenewswire.com.
Forward-Looking Statement
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's financial condition, results of operations, asset and credit
quality trends and profitability. 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, market, economic, operational, liquidity, credit and
interest rate risks associated with Old National's business,
competition, government legislation and policies, ability of Old
National to execute its business plan, including acquisition plans,
changes in the economy which could materially impact credit quality
trends and the ability to generate loans and gather deposits, failure
or circumvention of our 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 and other factors
identified in the Company'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 Old National undertakes no obligation to release revisions
to these forward-looking statements to reflect events or conditions
after the date of this release. |
