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Old National Bank Announces Termination of its FDIC Loss Share AgreementsThursday, July 21, 2016
Congratulations Old National Bank!
Congratulations to Old National Bancorp (Nasdaq: ONB) & Old National Bank (Old National) of Evansville, Indiana for successfully terminating their FDIC loss share agreements on their failed bank receivership: Integra Bank, National Association.
Under the terms of the June 22 agreement, the FDIC made a net payment of $8.7 million to Old National as consideration for early termination of the loss share agreement. After the elimination of the FDIC indemnification asset and payment of settlement charges, the Bank expects to realize a pre-tax gain of approximately $220,000.
“The early termination of our loss share agreements with the FDIC creates several benefits for Old National and our stakeholders, including reduced operating costs, retention of all loss recoveries and simplified financial reporting,” said Jim Ryan, Old National Bancorp’s Chief Financial Officer. “It is also a testament to the hard work and dedication of our Credit Department in the work-out and recovery of these troubled assets.”
DD&F served as an advisor to Old National Bank in successfully terminating their shared loss agreements with the FDIC and would like to congratulate all of the Old National team. We wish you continued success. See this story and more on Linkedin.Back to News and Events