Old National Bancorp Announces Quarterly Dividends and Stock Repurchase Program

Rhea-AI Summary

Old National Bancorp (NASDAQ: ONB) has announced key financial decisions including dividends and a stock repurchase program. The company declared a quarterly cash dividend of $0.14 per share on common stock, payable March 17, 2025, to shareholders of record as of March 5, 2025.

Additionally, a quarterly cash dividend of $17.50 per share was declared on its Series A and Series C Preferred Stock, payable May 20, 2025. The Board also approved a $200 million stock repurchase program effective until February 28, 2026.

Old National, the sixth largest commercial bank headquartered in the Midwest, manages approximately $54 billion in assets and $30 billion in assets under management, ranking among the top 30 U.S. banking companies.

Positive

• Authorization of $200 million stock repurchase program through February 2026
• Maintained quarterly dividend payments showing financial stability
• Strong asset base of $54 billion and $30 billion under management
• Ranks among top 30 U.S. banking companies

Negative

• None.

News Market Reaction – ONB

-1.36%

1 alert

-1.36% News Effect

On the day this news was published, ONB declined 1.36%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

EVANSVILLE, Ind., Feb. 19, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: ONB) – Old National Bancorp (the “Company” or “Old National”) today announced that its Board of Directors declared a quarterly cash dividend of $0.14 per share on the Company’s outstanding shares of common stock. This quarterly cash dividend will be payable on March 17, 2025, to shareholders of record as of the close of business on March 5, 2025.

In addition, the Board of Directors declared a quarterly cash dividend of $17.50 per share (equivalent to $0.4375 per depositary share or 1/40th interest per share) on Old National’s 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (NASDAQ: ONBPP) and Series C (NASDAQ: ONBPO). The dividends are payable on May 20, 2025, to shareholders of record as of the close of business on May 5, 2025.

The Company also announced today that its Board of Directors approved a stock repurchase program which authorizes the repurchase of up to $200 million of the Company’s common stock. Share repurchases under this program may be made from time to time on the open market, in privately negotiated transactions or through accelerated share repurchase programs in the discretion of, and at prices to be determined by, the Company. The program will be in effect until February 28, 2026.

ABOUT OLD NATIONAL

Old National Bancorp is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $30 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States.

Investor Relations:
Lynell Durchholz
(812) 464-1366
lynell.durchholz@oldnational.com

Media Relations:
Rick Vach
(904) 535-9489
rick.vach@oldnational.com

FAQ

How much is Old National Bancorp's (ONB) new stock repurchase program worth?

Old National Bancorp's new stock repurchase program is worth $200 million and will be in effect until February 28, 2026.

What is the quarterly dividend amount for ONB common stock in 2025?

Old National Bancorp declared a quarterly cash dividend of $0.14 per share on common stock, payable March 17, 2025.

When will ONB's preferred stock dividends be paid in 2025?

ONB's preferred stock dividends of $17.50 per share will be paid on May 20, 2025, to shareholders of record as of May 5, 2025.

What is Old National Bancorp's (ONB) current asset size?

Old National Bancorp has approximately $54 billion of assets and $30 billion of assets under management.

How long will ONB's new stock repurchase program remain in effect?

The stock repurchase program will remain in effect until February 28, 2026.