Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 171

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 171
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961,722 Other intangible assets117,584 Company-owned life insurance301,025 Other assets317,258 Total assets$21,850,342 LiabilitiesDeposits$17,249,404 Securities sold under agreements to repurchase135,194 FHLB advances1,158,623 Other borrowings274,569 Accrued expenses and other liabilities342,369 Total liabilities$19,160,159 Fair value of considerationPreferred stock$243,870 Common stock (129,365 shares issued at $18.92 per share)2,446,312 Total consideration$2,690,182 Transaction and integrations costs totaling $8.5 million primarily associated with the merger have been expensed in 2024, compared to $28.7 million in 2023, and $120.9 million in 2022.As a result of the merger, Old National assumed sponsorship of First Midwest’s defined benefit pension plan (the “Pension Plan”) under which both plan participation and benefit accruals had been previously frozen. The Pension Plan was terminated in November 2022, which included the settlement of benefit obligations associated with the Pension Plan. At December 31, 2024 and December 31, 2023, there were no remaining Pension Plan assets. Pension costs were not material in 2024 or 2023.Pending AcquisitionBremer Financial CorporationOn November 25, 2024, Old National entered into a definitive agreement and plan of merger pursuant to which Old National will acquire Bremer Financial Corporation (“Bremer”) and its wholly owned subsidiary, Bremer Bank, National Association. As of December 31, 2024, Bremer had $16.5 billion in total assets, $11.8 billion in total loans, and $13.2 billion in deposits. Under the terms of the definitive merger agreement, each outstanding share of Bremer common stock will be converted into the right to receive 4.182 shares of Old National common stock plus $26.22 in cash, valuing the transaction at approximately $1.4 billion, or $116.76 per share, based on Old National’s closing stock price on November 22, 2024. The transaction value is likely to change until closing due to fluctuations in the price of Old National common stock. The definitive merger agreement has been unanimously approved by the Boards of Directors of Bremer and Old