Old National in Ind. to Pay Penalty, Exit Consent Order

By Chris Cumming December 27, 2013, 11:16 a.m. EST 1 Min Read

Community banking

Old National to Buy Tower Financial in Indiana for $108M

Old National Bancorp in Evansville, Ind., has agreed to buy Tower Financial in Fort Wayne.

By Chris Cumming

September 10
Community banking

Indiana Bank Aims to Delay Crossing Regulatory Red Line

Old National is trying to shed assets ahead of an acquisition in hopes of staying below $10 billion in assets, a level that ensures increased regulation.

By John Reosti

September 13
Consumer banking

OCC Took Action Against Three Banks in October

The Office of the Comptroller of the Currency issued cease-and-desist orders against three banks in October and released seven banks from enforcement actions.

By Sarah Todd

November 18

Old National Bancorp (ONB) in Evansville, Ind., will pay a $500,000 fine in the process of satisfying a regulatory order to strengthen its anti-laundering controls.

The Office of the Comptroller of the Currency has said that it will terminate a 2012 consent order with Old National's banking unit soon, the $9.7 billion-asset company said in a regulatory filing Friday. The OCC will also require Old National to pay a $500,000 civil monetary penalty in connection with the problems addressed in the consent order.

Old National expects the penalty and the termination to be formalized in January.

The OCC's June 2012 cease-and-desist order required Old National to take steps to fix deficiencies in its anti-money-laundering and Bank Secrecy Act controls. Old National had to form a compliance committee and write plans to improve its internal controls, improve its BSA/AML training and increase its scrutiny of customer transactions, among other steps.

Old National agreed to buy Tower Financial (TOFC) in Fort Wayne, Ind., in September, a deal that could push it above $10 billion in assets and subject it to additional regulatory scrutiny.

Chris Cumming