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ap

Old National closes $207 million stock offering

Old National closes $207 million public stock offering

  • On 2:29 pm EDT, Monday September 28, 2009

EVANSVILLE, Ind. (AP) -- Old National Bancorp said Monday it completed its $207 million public stock offering.

The regional bank said it issued 20.7 million shares of common stock priced at $10 each. The issuance included 2.7 million shares to cover overallotments.

Net proceeds, expected to be $196.2 million, could go be used for the acquisition of other financial institutions, including acquisitions of assets and liabilities of failed or distressed financial institutions in FDIC-sponsored or assisted transactions, the company said.

Proceeds will also go toward general corporate purposes.

Sandler O'Neill & Partners LP acted as the book-running manager. Keefe, Bruyette & Woods Inc. and SunTrust Robinson Humphrey Inc. were co-managers.

Old National Bancorp is the holding company of Old National Bank. Shares added 44 cents, or 4.2 percent, to $10.99 as the broader market rallied.

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