- Old National Bancorp (NASDAQ:ONB -4.3%) entered into an agreement to terminate its 2011 loss share agreements with the Federal Deposit Insurance in connection with the acquisition of Integra Bank National Association.
- FDIC made a final payment of $8.7M for the early termination of loss share agreements, resulting in bank gain of $220K after the elimination of the FDIC indemnification assets and settlement payment charges.
- “The early termination of our loss share agreements with the FDIC creates several benefits for Old National and our stakeholders, including reduced operating costs, retention of all loss recoveries and simplified financial reporting,” said Jim Ryan, Old National Bancorp’s CFO.