Evansville, Indiana-based Old National Bancorp has completed its $461 million acquisition and integration of Madison-based Anchor BanCorp Wisconsin Inc.
Anchor BanCorp operated AnchorBank fsb, which had 46 branches, including seven in southeastern Wisconsin. It had about $2.2 billion in assets, $1.5 billion in loans, $1.8 billion in deposits and about 570 employees.
The AnchorBank branches all converted their systems and signage over the weekend and opened as Old National Bank branches on Monday. Customers will now use Old National-issued debit cards, and will have access to additional services including wealth management and private banking, a spokesperson said.
During the integration process, about 140 AnchorBank jobs were eliminated of 550 total, according to state Worker Adjustment and Retraining Notification (WARN) notices. Most of those jobs were based in Dane County, and some employees have been placed in other positions.
Old National Bancorp. operates Old National Bank. It has $14.4 billion in assets, about 2,900 employees and 201 branches in Indiana, Kentucky, Michigan and Wisconsin. It first announced the pending acquisition in January.
“From the first days of our partnership, we were confident that Old National’s values and client- and community-focused approach to banking would be a tremendous fit for the great state of Wisconsin,” said Len Devaisher, Old National’s Wisconsin Region chief executive officer. “We are incredibly excited to officially welcome clients today as Old National Bank, and we look forward to earning their continued trust and loyalty while also introducing Old National to others within the communities we serve.”