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Old National closes on Tower deal

Quarterly earnings up 11%

The deal is done. All former Tower Bank locations are now Old National Bank branches.

Evansville-based Old National Bancorp today announced the $110.3 million acquisition was completed on Friday, just ahead of last weekend’s conversion of Tower branches to Old National locations.

Old National also reported first-quarter earnings of $26.5 million, or 26 cents per diluted common share, an 11 percent increase from the $23.9 million, or 24 cents a share, posted for the first three months of 2013.

The company set aside significantly less of its profit for bad loans during the period ended March 31, reducing the amount to $37,000 from $845,000 for last year’s first quarter.

Bob Jones, Old National’s president and CEO, said in a statement that the company is transforming as it expands “into vibrant, growing markets.” Officials, he said, are committed to the company’s community banking mission.

sslater@jg.net

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