Monroe Bank and Old National will merge

Like many IU students, faculty and Bloomington residents who use Monroe Bank are going to see some changes.

On Oct. 6 Monroe Bancorp announced its merger with Old National Bancorp, the largest banking network in Indiana.

Monroe Bank is headquartered in Bloomington and was established in 1892.

With 15 banking centers in central Indiana, Monroe Bank is the largest bank to originate from Bloomington.

Old National Bank is now 176 years old and was founded in Evansville. The company currently oversees 165 branches across Indiana, western Kentucky and southern Illinois.

Monroe Bank and Old National Bank decided upon the merger after considering several options, Mark Bradford, Monroe Bancorp/Monroe Bank president and CEO, said in an e-mail.

Bradford commented that a number of criteria went into the decision to merge with Old
National. The amount of value a partner would provide to current shareholders of Monroe Bank was a large factor, as was the potential partner’s financial strength and stability, he said.

Once the merger transaction is completed, which could be at the end of this year or within the first quarter of 2011, Bradford said all Monroe Bank locations will be known as Old National branches.

Bob Jones, president and CEO of Old National Bancorp, commented in a press release that Monroe Bancorp has a similar culture and vision to Old National Bancorp.

“This is an exciting day and a tremendous partnership opportunity for Old National,” Jones said.

Bradford added that informational letters have already been sent to Monroe Bank clients notifying them of what to expect in coming months as a result of the merger.  

No comment was given as to what banking operations changes will be implemented under the merger. For now, it’s banking as usual at Monroe Bank.

“We are still in the early stages of implementing the merger, and we look forward to being able to draw attention to the many benefits to our clients as they unfold over the coming months,” Bradford said.