Old National Bank officials announced Monday that 15 banking centers across the company’s four-state footprint will close in the first quarter of 2017.
Among those branches include locations in Jasper and Vincennes as well as Madisonville, Kentucky.
Others are in Indianapolis, Bloomington, South Bend, Muncie, Terre Haute and Fort Wayne.
Old National CEO Bob Jones said on the company’s third quarter earnings call that the rise in banking by mobile device and the need to curtail costs are reasons for the closures.
Jones says he anticipates job losses from the closures will be “very small” because several employees will be folded into other Old National branches.
He says having more stuff at the remaining branches will be necessary because of increased volume.
With the closures, Old National has about 200 banking centers in Indiana, Kentucky, Michigan and Wisconsin.
Old National reported 2016 net income of $34.7 million, or 25 cents per share, for the third quarter of 2016. Included in the quarter were pre-tax merger and integration charges of $5.5 million related to Old National’s recent acquisition of Wisconsin-based Anchor BanCorp.
The quarterly results compare to net income of $39.1 million in the second quarter of 2016 and $37.7 in the third quarter of 2015. This year’s second quarter included $7.2 million in pre-tax merger and integration charges.
ONB announced its quarterly cash divided of 13 cents per share, payable Dec. 15 to shareholders of record on Dec. 1.
