Company: ONBPP
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001104659-25-007256
Chunk: 98

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-29
Form: S-4/A
Chunk 98
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 consider certain additional factors under the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (12 U.S.C. § 1831u) (the “Riegle-Neal Act”), including the relevant state laws regarding the minimum age of the bank to be acquired, the concentration of deposits on a nationwide and statewide basis, and compliance with any applicable state community reinvestment and antitrust laws. Under the Riegle-Neal Act, the OCC may approve an interstate merger transaction only if each constituent bank is adequately capitalized at the time the application for such transaction is filed with the OCC, and the OCC determines that the resulting bank will be well capitalized and well managed upon the consummation of the transaction.

Furthermore, the Otto Bremer Trust’s acquisition of approximately 11.68% (on a pro forma basis) of the outstanding shares of Old National common stock as a result of its receipt of the merger consideration in the mergers is subject to the prior notice to the Federal Reserve. The Change in Bank Control Act of 1978, as amended (the “CIBC Act”), prohibits a person or group of persons from acquiring control of a bank holding company unless the Federal Reserve has been notified and has not objected to the transaction. Under a rebuttable presumption established by the Federal Reserve, the acquisition of 10% or more of a class of voting stock of a bank holding company with a class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), such as Old National, constitutes acquisition of control of the bank holding company. In lieu of the Otto Bremer Trust filing a separate notice under the CIBC Act, information required under the CIBC Act with respect to the Otto Bremer Trust’s acquisition of shares of Old National common stock is provided to the Federal Reserve as part of Old National’s application to the Federal Reserve under Section 3 of the BHC Act. In considering a notice filed under the CIBC Act, the Federal Reserve takes into consideration a number of factors, including whether the acquisition would result in a monopoly, substantially lessen competition, jeopardize the financial stability of the bank or prejudice the interests of the depositors of the bank, or result in an adverse effect on the deposit insurance fund, and whether the competence, experience, or integrity of any acquiring person or of any of the proposed management personnel indicates that it would not be in the interest of the depositors of the bank, or in the interest of the public to permit such person