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Old National Bancorp and First Midwest Bancorp have agreed to merge to create a new organization in a $6.5 billion deal.

The agreement will create a premier Midwestern Bank with $45 billion in combined assets.

The new organization will operate under the Old National Bancorp and Old National Bank names, with dual headquarters in Evansville, Indiana, and Chicago, Illinois.

Michael Scudder, Chairman, and CEO of First Midwest Bancorp will serve as the Executive Chairman, and Jim Ryan, Chairman, and CEO of Old National Bancorp will maintain his role as CEO.

Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies, First Midwest stockholders will receive 1.1336 shares of Old National common stock for each share of First Midwest common stock they own.

Following completion of the transaction, former First Midwest stockholders are expected to collectively represent approximately 44% of the combined company.

The complete executive leadership team is expected to be announced prior to close.

The Board of Directors of the combined company will have 16 directors, consisting of 8 directors from Old National and 8 directors from First Midwest. Becky Skillman, lead independent director for Old National, will retain this position in the combined company.

The transaction is expected to close in late 2021 or early 2022 subject to customary closing conditions, including regulatory and shareholder approvals.

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