Niles Bank of America acquired by Old National BankPublished 4:50pm Thursday, January 10, 2013
Old National Bank has agreed to acquire 24 retail bank branches of Bank of America, including the Bank of America on S. 11th Street in Niles.
Bob Jones, president and CEO of Old National Bank, said customers of Bank of America should expect few changes.
“They will still see the same people in the branch — there’s no job loss associated with the transaction,” Jones said. “They may see some minor changes to their products, but, ultimately, there really is little effect other than the name change.”
The purchase and assumption agreement, announced Wednesday, won’t take effect until around early July.
Jones said his company is in the process of doing a product review that would determine if any changes to bank accounts, loans and other products would be necessary.
“I don’t know enough now to say, but there is the potential (for changes) but, hopefully, that will be minimal,” Jones said. “(Customers) are still going to see the same great service they saw in the past. We look forward to investing in the community and making a difference in Niles.”
Old National Bank is headquartered in Indiana and claims to have $9.4 billion in assets. The acquisition will give Old National more than 200 banking centers.
The branches being acquired are located in the Northern Indiana cities of South Bend and Elkhart, and the Southwest Michigan cities of Adrian, Battle Creek, Benton Harbor, Blissfield, Brooklyn, Constantine, Jackson, Kalamazoo, Niles, Paw Paw, Portage and St. Joseph.