Old National Bank Overview
Old National Bank (ONB) is a prominent financial institution with a rich history and a substantial presence in the Midwest. Founded in 1834, it has evolved from Evansville's first bank into one of the top 30 banking companies in the United States, boasting over $48.5 billion in assets and 250 banking centers. This comprehensive overview delves into the bank's history, services, customer support, and overall standing within the financial landscape.
Overview
Established in 1834 as Evansville's first bank, Old National Bank has witnessed significant growth and expansion throughout its nearly two centuries of operation. Its journey reflects the evolution of the American financial system, marked by key milestones that showcase its resilience and adaptability.
Year of Establishment and Background Story: Founded in 1834, ONB played a crucial role in the development of Evansville, Indiana, and the surrounding region. Its early years saw significant contributions to local infrastructure projects.
Key Milestones in the Company’s History and Growth:
- 1836: Provided a substantial loan of $30,000 to support the construction of the Wabash-Erie Canal, a vital transportation link.
- 1855: Received a new charter, becoming the Evansville Branch Bank of the State Bank of Indiana, reflecting the changing regulatory environment.
- 1884: Obtained its fourth charter and adopted the name Old National Bank of Evansville, solidifying its identity and local recognition.
- 1922: Officially shortened its name to Old National Bank, streamlining its branding and image.
- 1982: Established Old National Bancorp, a holding company, signifying a strategic shift towards expansion and diversification.
- 1995: Acquired First United Savings Bank, demonstrating a proactive approach to growth through strategic acquisitions.
- 2009: Repurchased all outstanding stock and successfully exited the Troubled Asset Relief Program (TARP), highlighting its financial strength and recovery.
- 2011: Acquired Monroe Bancorp, further expanding its market reach and service capabilities.
- 2012: Acquired 24 retail bank branches from Bank of America, significantly bolstering its branch network.
- 2014: Acquired four banks: Tower Bank, United Bank, Lafayette Savings Bank, and Founders Bank & Trust, accelerating its expansion strategy.
- 2016: Acquired AnchorBank, representing a major acquisition that significantly increased assets and market share.
- 2021: Merged with First Midwest Bancorp, creating a larger, more diversified financial institution while retaining the Old National Bank name and brand recognition.
Regulatory Compliance and Licenses
Old National Bank operates under a robust regulatory framework, adhering to federal and state regulations. It holds numerous state licenses permitting its operations across several Midwestern states, including Indiana, Illinois, Kentucky, Michigan, Minnesota, Tennessee, and Wisconsin. Crucially, the bank is compliant with all Federal Deposit Insurance Corporation (FDIC) regulations, ensuring the safety and security of customer deposits.
Customer Service and Support
Old National Bank offers various customer service channels to ensure convenient access to support. Customers can reach the bank via:
- Phone: 800-731-BANK (800-731-2265)
- Email: Contact information is available through the bank's website.
- 24/7 Support: Specific services offer around-the-clock support, catering to diverse customer needs and schedules.
Pros and Cons of Old National Bank
Pros:
- Comprehensive Financial Services: ONB provides a broad spectrum of financial solutions, including retail banking, commercial banking, and wealth management, catering to a diverse clientele.
- Strong Community Presence: The bank fosters strong relationships with local communities, demonstrating a commitment to long-term partnerships and community development.
- Stable Financial Performance: Old National Bank consistently ranks among the top-performing banks in the nation, indicating sound financial management and stability.
Cons:
- Limited Geographic Presence: While expanding, the bank's primary operational area remains concentrated in the Midwest, potentially limiting access for customers outside this region.
- Acquisitions and Mergers: The bank's growth strategy involving numerous acquisitions and mergers may result in temporary service disruptions or adjustments for some customers during integration periods.
Conclusion
Old National Bank's legacy extends back to 1834, establishing it as a deeply rooted and influential financial institution in the Midwest. Its growth trajectory, marked by strategic acquisitions and a commitment to community engagement, has solidified its position as one of the region's leading banks. With a wide range of services, a strong financial record, and a dedication to customer satisfaction, ONB offers a comprehensive banking experience. However, its predominantly Midwestern presence and ongoing integration of acquired entities should be considered by potential customers.
Frequently Asked Questions about Old National Bank
Q: How do I contact Old National Bank?
A: You can reach Old National Bank via phone at 800-731-BANK (800-731-2265) or through the contact information available on their website.
Q: What services does Old National Bank offer?
A: Old National Bank offers a comprehensive suite of financial services, including retail banking, commercial banking, and wealth management services. Specific services may vary by location.
Q: Is Old National Bank FDIC-insured?
A: Yes, Old National Bank is insured by the Federal Deposit Insurance Corporation (FDIC), providing protection for customer deposits up to the federally insured limits.
Key Points Summary:
- Established in 1834, Old National Bank is a major financial institution in the Midwest.
- It operates across multiple states, offering diverse financial services.
- The bank has over $48.5 billion in assets and a vast network of banking centers.
- Its strengths include comprehensive services and a strong community presence.
- Potential drawbacks include a primarily Midwestern focus and ongoing integration from recent mergers.
References
[1] https://www.zippia.com/old-national-bank-careers-8468/history/
[2] https://en.wikipedia.org/wiki/Old_National_Bank
[3] https://www.in.gov/dva/find-a-job/old-national-bank/
[4] https://www.oldnational.com/about-us/our-company/our-history/
[5] https://ir.oldnational.com/overview/default.aspx
