Development News From Southwest Indiana (2/15/02)
Bank is ready for switch to NYSE
Evansville, Indiana - Old National Bancorp representatives will be in New York Friday morning to ring the opening bell on the New York Stock Exchange.The opening will mark the launch of Old National Bancorp stock on the NYSE. The stock, which traded on the Nasdaq under the symbol OLDB, will trade on the NYSE under the symbol ONB.
Chairman and Chief Executive Officer James A. Risinger, Chief Financial Officer John Poelker, Investor Relations Officer Lynell Walton and Chief Operating Officer Wayne Henning will be among the Old National Bancorp representatives at the exchange Friday, according to Chris Mercier, a publicist for the company.
Old National representatives from Terre Haute and Muncie, Ind., and Carbondale and Danville, Ill., will also be on hand.
Old National will give a work of pottery made by Evansville artist Les Miley to the NYSE. Miley, a professor of art at the University of Evansville, is the director of the New Harmony Ceramics Workshop.
Old National is the third Evansville-based company to list on the NYSE. Vectren Corp. (VVC) listed in April 2000 following the merger of SIGECO and Indiana Gas into Vectren. SIGECO was previously listed on the NYSE.
The switch to the NYSE is a move that the Evansville-based bank-holding company hopes will improve its exposure and prestige, particularly among institutional investors.
In announcing the move in January, Risinger said it was part of the company's strategy to position itself as “one of the pre-eminent financial services companies in the Midwest.”
Poelker said the move comes at a time when the bank has been drawing interest from large institutional investors, many of whom, for whatever reasons, will look more favorably on a NYSE-traded stock than a Nasdaq stock.There is also a perception that trading on the NYSE will result in fewer dramatic end-of-trading-day price swings, Poelker said.
Old National is $9.1 billion bank-holding company based in Evansville. It has more than 140 banking offices and 261 automated teller machines in Indiana, Illinois, Ohio, Kentucky and Tennessee.
Site designed & maintained by Clients' Choice, Ltd.