Southern Expansion

Old National Bank’s recently announced merger with Nashville, Tennessee-based CapStar Financial Holdings will grow ONB’s presence in the Volunteer State.

CapStar has 23 banking centers, including seven in Nashville and others in Tennessee cities such as Knoxville and Chattanooga, plus Asheville, North Carolina. Those facilities will become part of Old National once the merger clears all necessary regulatory approvals.

Old National hired a wealth management team in Nashville in 2022, followed by a commercial banking and lending team.

“We were invited to learn more about them and see if we had any interest, and obviously we were very interested once we learned more and did some due diligence,” says Jim Ryan, CEO of Evansville-based Old National. “We will be more successful because of our relationship with CapStar, and I think it was a perfect marriage.”

CapStar had $3.3 billion in total assets, $2.3 billion in total loans, and $2.8 billion in deposits as of Sept. 30. Once the merger is complete, Old National will have $52.4 billion in total assets.

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