Old National and First Midwest to merge

Old National Bancorp and First  Midwest Bancorp Inc. have announced that they have entered into a definitive merger. The all-stock merger will combine a total market value of $6.5 billion to create a bank entity with $45 billion in combined assets. Under the terms of the merger agreement, First Midwest stockholders will receive 1.1336 shares of Old National common stock for each share of First Midwest common stock they own.