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Evansville-based Old National Bancorp and Madison, Wis.-based Anchor BanCorp Wisconsin have jointly announced an agreement under which Old National will acquire Anchor through a stock and cash merger.

With $2.2 billion in total assets, $1.5 billion in total loans, $1.8 billion in deposits and $360 million in common shareholders’ equity as of September 30th, Anchor is a savings and loan holding company with AnchorBank as its wholly-owned subsidiary. AnchorBank operates 46 banking centers, including 32 banking centers in the Madison, Milwaukee and Fox Valley triangle.

This partnership marks a continuation of Old National’s strategy to focus the expansion of its franchise in demographically attractive and economically vibrant markets.

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