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Stock Market & Financial Investment News

News Breaks
June 4, 2014
08:33 EDTLSBI, ONBOld National Bancorp to acquire LSB Financial
Old National Bancorp (ONB) and Lafayette-based LSB Financial (LSBI) jointly announced the execution of a definitive agreement under which Old National will acquire LSB Financial through a stock and cash merger. Under the terms of the merger agreement, which was unanimously approved by the boards of both companies, shareholders of LSB Financial will receive 2.269 shares of Old National common stock and $10.63 in cash for each share of LSB Financial common stock. Based upon the June 3, closing price of $13.68 per share of Old National common stock, the transaction is valued at approximately $41.67 per share of LSB Financial common stock, or approximately $66.7M. The transaction value is likely to change due to fluctuations in the price of Old National common stock. As provided in the merger agreement, the exchange ratio is subject to adjustment in the event shareholders' equity of LSB Financial is below a specified amount. The transaction is expected to close in mid-to-late 4Q14. It remains subject to approval by LSB Financial's shareholders and approval by federal regulatory authorities as well as the satisfaction of other customary closing conditions provided in the merger agreement. The merger agreement also provides that Lafayette Savings Bank will be merged into Old National Bank.
News For ONB;LSBI From The Last 14 Days
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January 22, 2015
13:32 EDTONBOld National Bancorp says has repurchased 1.1M shares of stock as of Jan. 21
On November 28, Old National Bancorp entered into a Rule 10b5-1 plan under which Old National's designated broker would have the authority to repurchase up to 1M shares of common stock of Old National commencing on November 28, 2014 and expiring January 28, 2015. This plan was established in connection with the Company's previously disclosed stock repurchase plan, which was approved by the Board of Directors on October 23, 2014, and authorizes the repurchase of up to 6M shares of the company's common stock, as conditions warrant, through January 31, 2016. As of January 21, 2015, 1.1M shares of ONB common stock had been repurchased under both the Rule 10b5-1 and Repurchase Plan.
13:31 EDTONBOld National Bancorp raises quarterly dividend 9.1% to 12c per share
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