Old National Bancorp To Buy Lafayette-Based LSB Financial - Quick Facts

(RTTNews) - Evansville-based Old National Bancorp (ONB) has agreed to acquire Lafayette-based LSB Financial Corp. (LSBI) through a stock and cash merger.

With $366 million in total assets and just over $312 million in deposits, LSB Financial is a savings and loan holding company with Lafayette Savings Bank as its subsidiary. Founded in Evansville in 1834, Old National has $9.5 billion in assets and 166 branches as of March 31, 2014.

As part of the merger agreement, LSB Financial's shareholders would receive 2.269 shares of Old National common stock and $10.63 in cash (fixed) for each common share of LSB Financial. Based on the June 3, 2014, closing price of $13.68 per share of Old National common stock, the transaction is worth nearly $41.67 per share of LSB Financial stock, or about $66.7 million. The transaction value is likely to change due to fluctuations in the price of Old National common stock.

The transaction may be complete in mid-to-late fourth quarter of 2014.