Old National Bancorp approved to buy Michigan bank

Regulators approved the application of Old National Bancorp, Evansville, Ind., to buy United Bancorp, Ann Arbor, Mich., on July 14. Old National becomes the 98th largest depository organization in the country upon completion of the merger with $11 billion in assets..Old National will pay $173.1 million in cash and stock for United Bancorp at a value of roughly $13.17 per share..United Bancorp's subsidiary bank, United Bank & Trust, had $920 million in assets as of first quarter 2014. The bank also bring $869 million in wealth management assets, a $963 million loan-servicing portfolio and 18 southern Michigan branches to Old National..Old National now has 36 locations in Michigan and a total of 188 throughout Indiana, Michigan, Illinois, Kentucky, and Ohio. "We are incredibly excited about this partnership, which introduces Old National to the vibrant community of Ann Arbor and significantly expands our presence throughout southern Michigan," said Bob Jones, president and CEO of Old National..Todd Clark, United Bancorp's chief operating officer and chief banking officer, will join Old National as Michigan regional president after the deal closes..United Bancorp is the second acquisition Old National has made in the last year. In September 2013, the bank purchased Tower Financial, Fort Wayne, Ind., for $107.7 million. At the time, the bank said its goal is to grow to $12 billion in assets.