Old National plans to acquire Founders Bank

(Source: Founders Bank and Trust Facebook page)

GRAND RAPIDS, Mich. (WOOD) – Old National Bancorp and Grand Rapids-based Founder Financial Corporation announced a stock and cash merger Monday.

A definitive agreement has been made for Old National to acquire Founders through a stock and cash merger.

To celebrate the merger, Old National and Founders has announced they will donate $15,000 to the Grand Rapids Community Foundation-Challenge Scholars.

The merger is planned to close in the first half of 2015 and needs approval by Founders’ shareholders, regulatory approvals and other customary closing conditions provided in the merger agreement.

Representatives from Old National told 24 Hour News 8 that they have no plans to close the Founders branches in the Grand Rapids area. They see this acquisition as an entry point to get Old National Bank into the area.

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