Mergers & Acquisitions

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Deal Overview

Buyer:
Old National Bancorp
Actual Acquirer:
Old National Bank
Target:
Indiana Community Bancorp
Deal Type:
Bank & Thrift Company
Agreement Date:
1/24/2012
Announcement Date:
1/25/2012
Announced Deal Value ($ M):
83.68
Status:
Completed
Completion Date:
9/15/2012
Announced Deal Value Per Share ($ )
24.07

Consideration Breakout
Cash ($M) 21.5
Common Stock ($M) 92.9
Common Stock Issued 6,626,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 123.2 150.7
Price / Tangible Book (%) 123.2 150.7
Price / Earnings (x) NM NM
Price / Deposits (%) 9.69 11.60
Price / Assets (%) 8.50 10.20
Tangible Book Premium/ Deposits (%) 2.15 NA
Deal Terms
Description of Consideration

Old National Bancorp exchanged 1.9455 shares of its common stock for each share of Indiana Community Bancorp. As a part of the transaction, TARP preferred stock of approximately $21.5 million was also repurchased from US treasury.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 87,905
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 10,576
Est. Restructuring Charges ($ 000) 16,700
Maximum Termination Fee ($ 000) 3,250
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.945500
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 1,300
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes RBC Capital Markets LLC
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Barnes & Thornburg LLP