Old National Bancorp in Evansville, Ind., Wednesday announced a deal to acquire the $850 million-asset Monroe Bancorp for $83.5 million in a stock transaction.
Shareholders of Monroe, of Bloomington, Ind., would receive 1.275 shares of Old National common stock, which closed at $10.47 Tuesday.
The exchange ratio would be adjusted if the $7.7 billion-asset Old National's share price exceeds $10.98, in which case Monroe shareholders would receive $14 of Old National stock.
The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.
The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.
The Federal Reserve released additional information about its periodic review of its monetary policy strategy, tools and communications framework; TD Bank Group announced Michelle Myers will succeed Anita O'Dell as global chief auditor; Provident Financial Services will expand its commercial lending team; and more in this week's banking news roundup.
The Dallas bank is replacing longtime CEO Scott Kavanaugh, who stepped down Thursday, with veteran banking executive Thomas Shafer. Shafer previously led Chemical Bank, which was acquired by TCF Financial in 2019.
The Federal Reserve released the volume of activity on its instant payments network since its launch last summer, showing a surge in usage between July and August.
The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.
