Old National completed the merger with First Midwest in a $6.5bn deal.

Old National, a financial holding company, completed the merger with First Midwest, a bank that provides a full range of both business and retail banking and trust and investment management services, in a $6.5bn deal. Under the terms of the merger agreement First Midwest stockholders received 1.1336 shares of Old National common stock for each share of First Midwest common stock they own. Former First Midwest stockholders are expected to collectively represent approximately 44% of the combined company. “First Midwest and Old National are two relationship-focused financial institutions that have rich histories, extremely compatible cultures and a shared commitment to helping our clients achieve financial success. As a combined organization, we will be in an even stronger position to invest, grow and innovate in talent, capabilities and services that will enhance an already superior client experience and further set us apart as a market leader not only in Chicago but across the Midwest," Michael Scudder, First Midwest Chairman and CEO.