Old National Bancorp ("Old National") has successfully completed its merger with Capstar Financial Holdings, Inc. ("Capstar"), the parent company of Capstar Bank, as of April 1, 2024. Following the merger, Old National now boasts approximately $52 billion in assets and $29 billion in assets under management, based on pro forma data from December 31, 2023. This positions Old National among the top 30 banking companies headquartered in the U.S.
Capstar Bank is set to operate as a division of Old National Bank before the anticipated banking centers and systems conversions in the third quarter of 2024. The merger is deemed an exceptional cultural fit and aligns with Old National's growth strategy, enabling the introduction of its client* and community-centered approach to banking in several strong southeastern communities.
As a result of the merger, Old National has significantly increased its assets and assets under management, solidifying its position as a major player in the banking industry. The merger is expected to bring about operational and strategic synergies, further enhancing Old National's market presence and offerings. The market has reacted to these announcements by moving the company's shares -3.6% to a price of $16.79. Check out the company's full 8-K submission here.
