Old National Bancorp Declares Quarterly Cash Dividends
Old National Bancorp (NASDAQ: ONB) has made a significant announcement regarding its financial distributions to shareholders. The company’s Board of Directors recently approved a quarterly cash dividend of $0.14 per share on its outstanding common stock. This dividend is scheduled to be payable on a future date for shareholders on record as of a specified close of business.
Details on Preferred Stock Dividends
In addition to the common stock dividend, Old National's Board also declared a quarterly cash dividend on its 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A and Series C. Shareholders can expect a dividend of $17.50 per share, correlating to $0.4375 per depositary share or 1/40th interest per share. This payout is lined up for a future date, rewarding preferred stockholders for their continued support.
Stock Repurchase Program Unveiled
Alongside the dividend announcements, Old National Bancorp revealed a substantial stock repurchase program. The board has authorized the repurchase of up to $200 million of the company's common stock. This initiative illustrates the company’s strategy to enhance shareholder value and confidence. Repurchases may be conducted through various methods, including open market purchases and privately negotiated transactions, allowing flexibility in execution based on market conditions.
Commitment to Shareholder Value
This proactive approach not only demonstrates Old National's commitment to its investors but also reflects a strong cash position and a management team focused on providing returns. With the stock repurchase program in effect until a defined date, the company is prepared to respond to market dynamics while ensuring investor interests are prioritized.
About Old National Bancorp
Old National Bancorp serves as the parent company for Old National Bank, positioning itself as one of the largest banks within the Midwest. The company boasts a significant asset base, with around $54 billion in assets and $30 billion in assets under management, ranking it among the top 30 banks in the nation.
Historic Commitment to Community and Clients
Founded in 1834, Old National Bancorp has a longstanding tradition of building meaningful partnerships with its clients and fostering community support. Beyond standard banking services, Old National offers a wide range of financial solutions including wealth management and capital markets services. A testament to their dedication to community service is their recognition as one of "The Civic 50," awarded to the 50 most community-minded companies in the United States.
For Inquiries
For any inquiries, you may contact the investor relations department at Old National. Lynell Durchholz can be reached at (812) 464-1366 or via email at lynell.durchholz@oldnational.com. For media-related inquiries, Rick Vach is available at (904) 535-9489 or rick.vach@oldnational.com.
Frequently Asked Questions
What is the recent dividend declared by Old National Bancorp?
Old National Bancorp has declared a quarterly cash dividend of $0.14 per share on its common stock.
When will the dividends be paid?
The dividends are set to be payable on future designated dates to shareholders on record as of specific days.
How much has been authorized for the stock repurchase program?
The board has authorized up to $200 million for repurchase of the company’s common stock.
What is the significance of the stock repurchase program?
The stock repurchase program aims to enhance shareholder value and capital structure flexibility.
What are Old National Bancorp's main services?
Old National offers comprehensive consumer and commercial banking services, alongside wealth management and capital markets solutions.
