A 10-minute meeting was all that was needed for AnchorBank shareholders to approve the bank’s acquisition by Old National Bancorp. Anchor BanCorp Wisconsin shareholders will receive $48.50 for every share of Anchor stock they own.
Some of Anchor’s 570 employees could eventually lose their jobs as a result.
After more than 95 years, the biggest Madison-based bank will undergo a name change to Old National by the end of September. Until then, it will be known as AnchorBank, a division of Old National Bank.
Chris Bauer, who was hired as CEO and president in 2009 to get the struggling bank past the recession doldrums, will move to part-time. If he loses his job within three years of the merger, his total compensation package will be worth $3.1 million, according to a report at madison.com.
Old National executives Len Devaisher and Kevin Anderson will become CEO of the Wisconsin region and Milwaukee region president, respectively.
