105 Fed. Res. Bull. 1 (2019)

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Legal Developments: Fourth Quarter, 2018


Orders Issued Under Bank Holding Company Act

Orders Issued Under Section 3 of the Bank Holding Company Act

Old National Bancorp
Evansville, Indiana

Order Approving the Merger of Bank Holding Companies
FRB Order No. 2018-22 (October 16, 2018)

Old National Bancorp, Evansville, Indiana (Old National), a bank holding company
within the meaning of the Bank Holding Company Act of 1956 (BHC Act)1 has
requested the Board's approval under section 3 of the BHC Act2 to acquire and merge with
Klein Financial, Inc. (Klein), and thereby indirectly acquire KleinBank, both of Chaska,
Minnesota. Following the proposed acquisition, KleinBank would be merged into Old
National's subsidiary bank, Old National Bank, Evansville, Indiana.3

Notice of the proposal, affording interested persons an opportunity to submit comments,
has been published (83 Federal Register 36935 (July 31, 2018)).4 The time for submitting
comments has expired, and the Board has considered the proposal and all comments
received in light of the factors set forth in section 3 of the BHC Act.

Old National, with consolidated assets of approximately $17.5 billion, is the 96th largest
insured depository organization in the United States.5 Old National controls approximately
$12.6 billion in consolidated deposits, which represent less than 1 percent of the total
amount of deposits of insured depository institutions in the United States. Old National
controls Old National Bank, which operates branches in Indiana, Minnesota, Illinois,
Kentucky, Michigan, and Wisconsin. Old National is the 6th largest insured depository
organization in Minnesota, controlling deposits of approximately $1.7 billion, which repre-
sent 0.7 percent of the total deposits of insured depository institutions in that state.6

Klein, with consolidated assets of approximately $2.0 billion, is the 414th largest insured
depository organization in the United States. Klein controls approximately $1.7 billion in
deposits, which represent less than 1 percent of the total amount of deposits of insured


12 U.S.C.  1841 et seq.
2 12 U.S.C.  1842.
  The merger of KleinBank into Old National Bank is subject to approval by the Office of the Comptroller of the
  Currency (OCC), pursuant to section 18(c) of the Federal Deposit Insurance Act (Bank Merger Act). 12 U.S.C.
   1828(c). The OCC approved the bank merger on October 12, 2018.
4 12 CFR 262.3(b).
  National asset data are as of June 30, 2018. National deposit, ranking, and market-share data are as of June 30, 2018,
  unless otherwise noted.
6 State deposit data are as of June 30, 2017.

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