ONB - With The First Midwest Merger Done Old National Bancorp Needs Execute On The Opportunity
- Old National has completed its acquisition of First Midwest, but a slower pace of regulatory clearance will push the system conversion back to July, creating a slight delay for synergies.
- Both Old National and First Midwest have similar long-term tangible book value growth rates (around 4%) and lackluster net promoter scores, leading me to wonder about synergies beyond costs.
- Banking is becoming more competitive, and Old National will need to be more than just "present" in the Chicago market to outperform more aggressive rivals.
- Old National does look undervalued, perhaps substantially so, but the stock may need a more transformational vision from management to really accelerate.
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With The First Midwest Merger Done, Old National Bancorp Needs Execute On The Opportunity