The Plan includes nearly
“At Old National and First Midwest, engaging with, supporting and strengthening our communities is not only a strategic priority, it’s woven into the fabric of our cultural DNA,” said Old National Chairman and CEO
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Upon closing of the Old National and First Midwest merger, the combined company will create one of the largest banks headquartered in the Midwest, with more than
“We appreciate the leadership and commitment of Old National—and that of
The Plan addresses key areas of need identified after input from the NCRC and its member organizations, as well as its ongoing conversations with community partners, team members and clients:
- Mortgage Lending: Old National is committing to providing approximately
$2 billion of loans to promote increased home ownership and home improvement for low-to-moderate income households, particularly Black and Hispanic borrowers and those located in majority-minority communities. Old National is also expanding the availability of several of its existing innovative and specialized products to reduce inequities in homeownership, including its proprietary affordable residential program, federal and state government-sponsored credit programs and down payment assistance programs. - Small Business Lending: Old National and First Midwest are both recognized leaders in small business lending. In 2020, Old National originated
$576 million and First Midwest originated$627 million in CRA-eligible loans to small businesses and farms. As part of the community development plan, Old National is committing more than$3 billion of loans to businesses with annual revenues of$1 million or less and to small businesses located within low to moderate income areas. The bank is also committed to establishing and/or expanding strategic relationships with other local community and financial organizations to increase access to capital to small businesses, including those in rural or agricultural areas. - Community Development Lending and Investments: Old National has a strong track record of providing capital to support projects that rehabilitate historic buildings, provide affordable housing, invest in low-income communities and generate alternative energy. Its plan includes a commitment of more than
$3 billion in loans and investments focused on these important areas.
- Philanthropic and Loan Subsidy Programs: Old National is building upon its strong level of philanthropic support for communities it serves by providing approximately
$24 million in funds over five years to organizations and for causes that provide community benefits as defined under the Community Reinvestment Act. In addition, Old National is establishing a loan subsidy fund of$2.5 million to assist borrowers in qualifying for residential loans.
Old National has also committed to working with the NCRC and other local community groups to identify additional opportunities to support the financially disadvantaged and communities of color, including through its supplier diversity and apprenticeship programs, as well as its talent acquisition and retention efforts.
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About Old National
About the
Cautionary Note Regarding Forward-Looking Statements
This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to First Midwest’s and Old National’s beliefs, goals, intentions, and expectations regarding the proposed transaction between First Midwest and Old National, the Plan and proposed actions under the Plan as well as other statements that are not historical facts.
Forward-looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “scheduled,” “outlook,” “estimate,” “forecast,” “project,” “should,” “will” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time.
Additionally, forward-looking statements speak only as of the date they are made; First Midwest and Old National do not assume any duty, and do not undertake, to update such forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise.
Furthermore, because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in such forward-looking statements as a result of a variety of factors, many of which are beyond the control of First Midwest and Old National. Such statements are based upon the current beliefs and expectations of the management of First Midwest and Old National and are subject to significant risks and uncertainties outside of the control of the parties. Caution should be exercised against placing undue reliance on forward-looking statements. Reference is made to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Old National’s Annual Report on Form 10-K for the year ended
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