The Vienna branch office of Old National Bank may soon become a branch office of Legence Bank, pending regulatory approval and the satisfaction of customary closing conditions.
Legence Bank, a wholly-owned subsidiary of the holding company First Eldorado Bancshares, Inc. in Eldorado signed an agreement on Tuesday, August 14, to purchase the deposits and facilities of two Southern Illinois bank branches from Old National. The second location is at Shawneetown.
The acquisition and conversion are expected to be complete in early 2013.
Pending approval, the transaction will be the second time the Vienna banking center has changed ownership since July 2011, when Integra Bank failed.
Legence currently has five branch banking centers. Most branches are in Saline and Gallatin Counties, with one located in Evansville, Indiana.
On Thursday, The Vienna Times received a news release from Old National Bancorp that states the financial institution plans to sell a total of nine banking centers and consolidate eighteen others. Half of the consolidations are Indianapolis in-store branches with an approaching expiring lease.
“We are pleased to partner with Legence Bank on this transaction,” said Bob Jones, Old National Bank president and CEO. “Legence has a strong commitment to its community and to customer service, which will help to ensure a smooth transition.”
Old National Bank customers of the Vienna and Shawneetown branches are to continue making their loan payments as usual. Customers may continue to access their accounts through Old National branches, online, ATMs, checks and debit cards until the Vienna and Shawneetown branches convert in early 2013.
As of June 30, Legence Bank reported over $246 million in assets. Old National Bank reported approximately $8.7 billion in assets.