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Stock Yards-Commonwealth and Old National-First Midwest Mergers Complete

M&T Bank’s planned merger with People’s United is extended by four months as they await regulatory approval

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  • Written by  Banking Exchange staff
Stock Yards-Commonwealth and Old National-First Midwest Mergers Complete

Stock Yards Bank and Commonwealth Bank have received regulatory approval for the former’s acquisition of Louisville, Kentucky-based Commonwealth.

The merger is expected to close on March 7, 2022.

As of the time of the announcement in August 2021, the combined franchise is expected to have $7.4 billion in assets and 79 customer branches across Kentucky.

In the original announcement of the merger, James Hillebrand, chairmen and CEO of Stock Yards, said: “The transaction builds upon our market share in the Louisville market, as Commonwealth is the largest privately-held bank headquartered in the Louisville MSA, while also expanding our presence in Shelby County and Northern Kentucky.

“Additionally, and just as important, this combination significantly bolsters our wealth management capabilities, adding $2.6 billion in wealth and trust assets, and making Stock Yards the largest bank-owned trust company in the state.”

Meanwhile, Old National Bancorp and First Midwest Bancorp have completed their merger. The combined franchise will have a total of $46 billion in combined assets and $34 billion in assets under management, making it the sixth largest commercial bank headquartered in the Midwest.

The franchise will operate under the Old National Bancorp and Old National Bank names and will have dual headquarters in Evansville, Indiana and Chicago, Illinois.

Separately, M&T Bank Corporation and People’s United Financial have agreed to extend their merger agreement from June 1, 2022. The agreement was initially due to expire on February 21, but the two banks are still awaiting approval from the Federal Reserve to complete the merger.

Once merged, the franchise will operate across the US. The banking group said in a statement that it was committed to engagement with the communities it serves, including a commitment from M&T, headquartered in New York, of a $43 billion community growth plan.

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