Tuesday, April 07, 2009

Interesting News Out of Evansville

Evansville's Old National Bank rejected TARP funds. I saw Old National changes course, rejects TARP funds in The Indianapolis Business Journal but nowhere else.
"But a rigorous stress test Old National performed in conjunction with an outside accounting firm on its balance sheet and earnings found the company is well-positioned to withstand current and financial economic challenges without the TARP funds, the bank said in a written statement.

'Repurchasing our preferred stock will enable us to continue to fulfill our mission of serving as a community partner with integrity,' CEO Bob Jones said in the statement.

With $7.9 billion in assets, Old National is the largest bank headquartered in Indiana. It was founded in Evansville in 1834."

The largest bank headquartered in Indiana is not in Indianapolis (give a requiem to AFNB and Merchants) but in Evansville.

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