Old National Bancorp in Evansville, Ind., has agreed to buy First Midwest Bancorp in Chicago. The $23.7 billion-asset Old National said in a press release Tuesday that it will pay $2.5 billion in stock for the $21 billion-asset First Midwest. The deal, which is expected to close by early 2022, priced First Midwest at 165% of its tangible book value.First Midwest shareholders will own about 44% of Old National’s stock. The

A wave of large bank mergers has lifted aggregate deal value for 2021 above last year's levels.The overall value for transactions announced through June 1 was $28.9 billion, or more than triple the amount for deals struck over the same period a year earlier, based on data compiled by S&P Global Market Intelligence. The value for all deals announced in 2020 was $27.9 billion.Five proposed sellers in 2021 — People's United

People's Bank of Commerce in Medford, Ore., is one step closer to forming a holding company.Shareholders of the $808 million-asset bank voted on May 19 to create PBCO Financial. People's Bank would become a PBCO subsidiary."The bank has considered the formation of a bank holding company for several years," Ken Trautman, People's Bank's CEO, said in a Wednesday press release."In light of the recent merger with Williamette Community Bank and

United Community Banks in Blairsville, Ga., has agreed to buy Aquesta Financial Holdings in Cornelius, N.C. The $18.6 billion-asset United said in a press release Thursday that it will pay $131 million in cash and stock for the $752 million-asset Aquesta, which is one of the few remaining banks based around Charlotte, N.C. The deal, which is expected to close in the fourth quarter, priced Aquesta at 216.8% of its

HSBC Holdings is selling a majority of its U.S. branches to Citizens Financial Group in Providence, R.I., and Cathay General Bancorp in Los Angeles.The $187.2 billion-asset Citizens agreed to buy 80 branches along the East Coast, along with HSBC's national online deposit business. Citizens said in a press release Wednesday that the deal includes $9 billion of deposits and $2.2 billion of loans. Citizens said it should gain about 800,000 customers

GreenState Credit Union in North Liberty, Iowa, has agreed to buy banks in Illinois and Nebraska. The $7.5 billion-asset credit union said in a press release Tuesday that it has purchase-and-assumption agreements to acquire the $730.8 million-asset Oxford Bank & Trust in Oak Brook, Ill., and the $344.6 million-asset Premier Bank in Omaha, Neb. Oxford Bank has $405 million of loans and $635 million of deposits. Premier Bank had $253 million of

RBB Bancorp in Los Angeles has separated its chairman and CEO positions. The $3.7 billion-asset company said in a press release Tuesday that James Kao had become its chairman, succeeding President and CEO Alan Thian. Kao has been a director at RBB since 2015. Thian, who has been RBB’s chairman since the company’s formation in 2011, will remain on the board. Kao “is an experienced member of the board and

Horizon Bancorp in Michigan City has agreed to buy 14 Michigan branches from TCF Financial in Detroit. TCF will sell the branches, along with $975.7 million of deposits and $278 million of loans, as part of its pending sale to Huntington Bancshares in Columbus, Ohio. The branch sale is expected to close in the third quarter. TCF is selling the branches as part of securing regulatory approval from the Department of Justice