Old National Bancorp : , NCRC Announce Addendum to Increase Community Growth Plan to $11.1 Billion

Published: 2025-05-19 18:59:05 ET ONB

Published on 05/19/2025 at 18:59

EVANSVILLE, IND. (NASDAQ: ONB)- Old National Bancorp ("Old National") announced the closing of its previously-announced merger with St. Paul, Minnesota-based Bremer Financial Corporation ("BFC" or "Bremer"), the bank holding company for Bremer Bank, as of May 1.

In recognition of Old National's deep commitment to the Bremer communities, the Company will increase its multi-year Community Growth Plan to $11.1 billion in conjunction with the partnership, adding approximately $1.6 billion in lending, investments and philanthropy commitments in Minnesota, North Dakota and Wisconsin collectively. Both that addendum and the initial CGP were designed in partnership with the National Community Reinvestment Coalition (NCRC) and several of its local member organizations within the Company's expanded footprint.

These new commitments expand on Old National's long-standing pledge to support historically underserved and economically disadvantaged individuals, families and communities throughout our footprint by further extending these services into Bremer-served communities in Minnesota, North Dakota and Wisconsin. These commitments include additional quantitative goals for mortgage lending, small business lending, community development lending and investments, and philanthropic activities.

Specific highlights of the updated Plan include:

· Mortgage Lending:Provide more than $331 million in loan originations to promote increased home ownership and home improvement.

· Small Business Lending:Originate more than $1.1 billion in loans to businesses with annual revenues of $1 million or less and to small businesses located within low-to-moderate income areas.

· Community Development Lending and Investments:Invest approximately $179 million in loans and investments in support of projects that provide affordable housing, revitalize distressed neighborhoods, and promote economic development initiatives in the communities Old National serves.

· Philanthropic Activities:Provide more than $2 million in funding to organizations and for causes that provide community benefits as defined under the federal Community Reinvestment Act.

In addition, the Addendum will include several qualitative commitments, aimed at prioritizing and maximizing the commitments above, including: exploring opportunities to support Tribal communities and Native-led CDCs, providing access to capital solutions for small businesses, down payment assistance offerings to underserved populations and the expansion of ONB's "Real Life Finance" financial education program throughout the Bremer footprint. Old National will also expand the Advisory Committee by including an additional member representing the North Dakota tribal community and a Special Impact Project of at least $250,000, comprised of Community Development Loans and/or Investments. These items will be coordinated with the input of NCRC.

Old National retains an ongoing commitment to work with NCRC and other local community groups to identify additional opportunities to support financially disadvantaged communities, including through its supplier diversity and apprenticeship programs, as well as its talent acquisition and retention efforts.

ABOUT OLD NATIONAL

Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $70 billion of assets and $37 billion of assets under management (including Bremer Financial Corporation on a pro forma basis as of March 31, 2025), Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of "The Civic 50" -- an honor reserved for the 50 most community-minded companies in the United States.

ABOUT THE NATIONAL COMMUNITY REINVESTMENT COALITION

The National Community Reinvestment Coalition is a network of organizations and individuals dedicated to creating a nation that not only promises but delivers opportunities for all Americans

to build wealth and live well. We work with community leaders, policymakers and institutions to advance solutions and build the will to solve America's persistent racial and socioeconomic wealth, income and opportunity divides, and to make a Just Economy a national priority and a local reality. Learn more

at ncrc.org.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to Old National's beliefs, goals, intentions and expectations regarding the pending merger between Old National and Bremer, the Plan and proposed actions under the Plan as well as other statements that are not historical facts.

Forward-looking statements are typically identified by such words as "believe," "expect," "anticipate," "intend," "scheduled," "outlook," "estimate," "forecast," "project," "should," "will" and other similar words and expressions, and are subject to numerous assumptions, risks and uncertainties, which change over time.

Additionally, forward-looking statements speak only as of the date they are made; Old National does not assume any duty, and does not undertake, to update such forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

Furthermore, because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in such forward-looking statements as a result of a variety of factors, many of which are beyond the control of Old National. Such statements are based upon the current beliefs and expectations of the management of Old National and are subject to significant risks and uncertainties outside of the control of the Old National. Caution should be exercised against placing undue reliance on forward-looking statements. Further information regarding additional factors that could affect the forward-looking statements can be found in the cautionary language included under the headings "Forward-Looking Statements" and "Risk Factors" in Old National's Annual Report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by Old National with the Securities and Exchange Commission ("SEC").

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Disclaimer

Old National Bancorp published this content on May 19, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 19, 2025 at 22:58 UTC.