Magazine : Archives : 1st Quarter 2011
Eat or Be Eaten
The board of directors at Evansville, Indiana-based Old National Bancorp had long chafed at a prohibition against in-state mergers, so when banks there were finally given the go-ahead to gobble each other up it didn’t wait long to bite. “I don’t think the ink was dry on the law when we announced our first purchase,” recalls Larry Dunigan, Old National’s non-executive chairman and a director since 1982. “We had a deal in our pocket, ready to go as soon as it was passed.” Old National bought some two dozen banks over the ensuing decade–essentially turning mergers and acquisitions into a...
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