Old National Bancorp Boosts Dividends and Stock Buyback Plan
Old National Bancorp Highlights Recent Financial Decisions
Old National Bancorp (NASDAQ: ONB) has recently made headlines with its announcement regarding quarterly dividends and its new stock repurchase program. This move showcases the company's commitment to creating value for its shareholders while strengthening its financial position.
Quarterly Cash Dividends Declared
On its recent board meeting, Old National's directors declared a robust quarterly cash dividend of $0.14 per share on its outstanding common stock. This move reflects the company’s ongoing commitment to return cash to its shareholders, a critical factor in building long-term trust and loyalty among investors.
Preferred Stock Dividends
In addition, the company declared a cash dividend of $17.50 per share for its 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock (Series A and C). These dividends uphold Old National's tradition of prioritizing its stakeholders' interests and ensuring consistent returns for those who choose to invest in preferred shares.
Stock Repurchase Program Announcement
Old National's board approved a substantial stock repurchase program, authorizing the buyback of up to $200 million worth of its common stock. This program will be executed through various means, including open market purchases and privately negotiated transactions.
Benefits of Stock Repurchase Programs
Stock repurchase programs are often viewed favorably as they indicate management's confidence in the company's future prospects. They can also help stabilize or elevate the stock price, providing additional security for investors. As Old National embarks on this program, it reinforces the notion that it seeks to optimize shareholder value while managing its capital efficiently.
About Old National Bancorp
Old National Bancorp stands tall as the holding company for Old National Bank, recognized as the sixth-largest commercial bank headquartered in the Midwest. With a firm foundation dating back to 1834, Old National has amassed approx $54 billion in assets, serving both individual and commercial clients. The bank is dedicated to forging long-lasting, beneficial relationships with its clientele while simultaneously enhancing the communities it serves.
Community Engagement and Recognition
A hallmark of Old National’s mission is its steadfast commitment to community engagement. In recognition of its efforts, the bank was named among "The Civic 50," a prestigious designation reserved for the 50 most community-minded companies across the country. This accolade reflects the bank’s commitment not just to profits but also to making tangible contributions to society.
Contact Information
For anyone interested in learning more about Old National Bancorp's financial strategies or community initiatives, further information can be obtained through their investor relations representative, Lynell Durchholz, at (812) 464-1366 or by email.
Frequently Asked Questions
What is the recent dividend declared by Old National Bancorp?
The board declared a quarterly cash dividend of $0.14 per share on its common stock.
How much stock is Old National Bancorp planning to buy back?
The company is authorized to repurchase up to $200 million of its common stock.
What type of stock dividend is associated with Old National Bancorp’s preferred stock?
Old National declared a dividend of $17.50 per share for their 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A and C.
When are the dividends payable?
The cash dividends will be payable on specified upcoming dates based on recorded shareholder status.
How does Old National engage with its community?
Old National is recognized for its community support and has been named one of "The Civic 50" for its civic contributions.
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