- Associated Press - Tuesday, January 12, 2016

MADISON, Wis. (AP) - An Indiana bank will buy Anchor BanCorp Wisconsin in a deal valued at $461 million.

Old National Bank, of Evansville, Indiana, announced Tuesday that it will purchase Anchor, the third largest bank in Wisconsin with assets of $2.2 billion.

If approved by regulators and shareholders, the transaction could be completed by the end of June. The Madison-based Anchor BanCorp is the parent company of AnchorBank. Its CEO and President Chris Bauer says Old National Bank has “a strong history of growth and a deep commitment to providing high-quality community banking and a rewarding workplace for its employees.”

AnchorBank operates 46 banking centers, including 32 in the Madison, Milwaukee and Fox Valley.

Old National was founded in 1834, has $11.9 billion in assets and 160 banks.

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