Old National Bancorp (ONB) in Evansville, Ind., plans to close approximately 10% of its branches in an effort to improve efficiency.
The $9.4 billion-asset company will consolidate 18 Indiana banking locations in the third quarter, it disclosed on Thursday in a
Old National expects the branch consolidation to lower costs by $3.5 to $4.5 million a year. It expects to take a $2.5 million to $3.5 million third-quarter charge related to the closings.
Old National will close 16 in-store branches, including 13 in Indianapolis, and two traditional branches, located in Richmond and Tell City, Ind. Old National currently has 170 branches across Indiana, Kentucky, Illinois and Ohio.
Old National has made significant changes to its branch network in the past year. In January, it