An Indiana bank will buy Anchor BanCorp Wisconsin in a deal valued at $461-million. Old National Bank, of Evansville, Indiana, announced Tuesday that it will purchase Anchor, the third largest bank in Wisconsin with assets of $2.2 billion. If approved by regulators and shareholders, the transaction could be completed by the end of June.
Madison-based Anchor BanCorp is the parent company of AnchorBank. Its C-E-O and President Chris Bauer says Old National Bank has “a strong history of growth and a deep commitment to providing high-quality community banking and a rewarding workplace for its employees.” AnchorBank operates 46 banking centers, including 32 in the Madison, Milwaukee and Fox Valley. Old National was founded in 1834, has nearly $12 billion in assets and 160 banks.