By Melanie Lawder
Old National Bank has finalized its purchase of Madison-based Anchor BanCorp Wisconsin Inc., the financial companies said Monday.
The acquisition, completed May 1, adds $1.7 billion in total loans and $1.8 billion in total deposits to Old National’s assets, based on March 31, 2016, balances, and allows Old National to penetrate the Wisconsin market with AnchorBank’s 46 branch locations, according to a press release.
In 2013, AnchorBank survived a Chapter 11 reorganization and later laid off roughly 100 employees in 2015. Earlier this year, Evansville, Ind.-based Old National (NYSE: ONB) announced its intentions to buy AnchorBank for cash and stock valued at $461 million.
Now that the deal has closed, AnchorBank is officially a division of Old National. Full conversion and integration of all AnchorBank branches to Old National Bank is planned for the third quarter of 2016, according to a press release.