Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Old National Bancorp
Actual Acquirer:
Old National Bancorp
Oblong Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Common Stock ($M) 15.8
Common Stock Issued 456,643

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 159.1 221.4
Price / Tangible Book (%) 159.1 221.4
Price / Earnings (x) 13.2 NM
Price / Deposits (%) 19.35 20.88
Price / Assets (%) 15.96 17.59
Tangible Book Premium/ Deposits (%) 7.97 12.73
Deal Terms
Description of Consideration

Oblong shareholders received 15.225 shares of OLDB common for each share held. The exchange ratio was collared at an OLDB stock price of $39.60 and $32.40, outside of which the ratio would have been adjusted.

Accounting Method Pooling of Interests
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 15.225000
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) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Austin Financial Services
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Krieg DeVault LLP
Seller Yes Vedder Price PC