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.
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