Old National Bancorp commences public offering of common stock

US-based Old National Bancorp, the holding company for Old National Bank, has commenced an underwritten public offering of $150 million of its common stock, subject to adjustment.

The company intends to use the net proceeds from the offering for general corporate purposes and to support ongoing and future anticipated growth, which may include opportunistic acquisitions of other financial institutions, possibly including acquisitions of assets and liabilities of failed or distressed financial institutions in Federal Deposit Insurance Corporation-sponsored or assisted transactions.

Sandler O'Neill & Partners is the sole book-running manager. Keefe, Bruyette & Woods and SunTrust Robinson Humphrey are co-managers.

The company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares offered to cover over-allotments, if any.