The Tower Bank name will largely disappear from northeast Indiana in 2 1/2 weeks.
With this week’s blessing from the Federal Reserve, Old National Bancorp is finalizing plans to convert Tower branches to Old National branches the weekend of April 25 to 27.
Federal regulatory approval was the second-to-last hurdle that Evansville-based Old National had to cross before the acquisition could go ahead, Old National spokeswoman Kathy Schoettlin said. Approval from the Office of the Comptroller of the Currency, the final step, is expected any day.
Officials anticipate the deal will close April 25, she said.
During what Old National officials are calling conversion weekend, banners will be draped over Tower signs, computer systems will be converted to Old National’s system and all interior signs, deposit slips and other printed paperwork will be replaced.
When former Tower locations reopen April 28, they will offer the full range of Old National products and services, including insurance, Schoettlin said.
Permanent exterior signs will be installed in stages.
Wendell Bontrager, Old National’s incoming regional president, said Tower officials have filled most positions left open after First Financial Bank of Cincinnati lured away almost 10 percent of Tower’s workforce at the end of last year to form the nucleus of its new local operation.
Two lending positions – one in commercial and one in private banking – remain open, he said.
Allen Brouwer, who was formerly with Wells Fargo in Fort Wayne, has hired on as head of commercial lending, a key position, Bontrager said.
As part of the acquisition, Old National has targeted 41 Fort Wayne jobs for elimination because of overlap in operations. Workers were informed in mid-December that positions will be eliminated beginning May 16.
Some workers have already left for other jobs, but most employees affected by the job cuts are still with the bank, Bontrager said.
Old National Bancorp has relied on acquisitions to expand its Indiana presence in recent years. Schoettlin said local Tower customers will benefit from that experience.
We make sure we have a seamless conversion, she said. There will be a lot of activity that weekend.