Back to top

Analyst Blog

Zacks Equity Research

Old National Bancorp Buys WFI Unit


 ZacksTrade Now

This page is temporarily not available.  Please check later as it should be available shortly. If you have any questions, please email customer support at or call 800-767-3771 ext.  9339.

Old National Insurance, which is a wholly owned subsidiary of Old National Bancorp. (ONB - Snapshot Report), acquired the insurance accounts serviced by the Evansville branch of Wells Fargo Insurance (WFI) – a division of Wells Fargo & Company (WFC - Analyst Report) – on Dec 1. The Evansville branch of WFI services mainly commercial property and casualty insurance accounts.

Though the financial terms of the deal were not disclosed, both WFI sales executives and the one account representative joined Old National Insurance team. Notably, the transaction will enable Old National Bancorp to utilize the expertise of WFI team.

Old National Insurance has been expanding over the past several months. In Sep 2013, the company announced a deal to acquire Tower Financial Corporation in a cash-cum-stock deal worth nearly $108 million. The transaction, still subject to approval from regulatory authorities and Tower Financial Corporation shareholders, is expected to close in the first quarter of 2014.

In July, Old National Bancorp completed the integration of 24 branches of Bank of America Corporation (BAC - Analyst Report) located in Northern Indiana and Southwestern Michigan.

Apart from its inorganic growth strategy, Old National Bancorp has a steady share repurchase program in place. In the first nine months of 2013, the company repurchased shares worth $11.1 million. With total cash and cash equivalents of nearly $247.4 million as of Sep 30, 2013, the company is expected to further enhance shareholders’ value going forward.

Old National Bancorp’s consistent capital deployment activities make it an attractive option for yield-seeking investors. Further, we expect the company’s organic and inorganic growth strategies to increase top-line growth.

Currently, Old National Bancorp carries a Zacks Rank #3 (Hold).

Please login to or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research


Are you a new Zacks Member or a visitor to

Top Zacks Features

Learn more

Start for as little as $4.50 per trade.

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
DIXIE GROUP DXYN 15.84 +7.90%
BOFL HOLDING BOFI 85.30 +4.97%
RAMBUS INC RMBS 12.31 +4.41%
VIPSHOP HOLD VIPS 148.73 +4.35%
NETFLIX INC NFLX 345.74 +4.32%