September 24, 2009 (FinancialWire) — Old National Bancorp (NYSE: ONB), the holding company for Old National Bank, has commenced an underwritten public offering of $150 million of its common stock, subject to adjustment.

The company intends to use the net proceeds from the offering for general corporate purposes and to support ongoing and future anticipated growth, which may include opportunistic acquisitions of other financial institutions, possibly including acquisitions of assets and liabilities of failed or distressed financial institutions in FDIC-sponsored or assisted transactions.

Sandler O’Neill & Partners, L.P. is the sole book-running manager. Keefe, Bruyette & Woods, Inc. and SunTrust Robinson Humphrey, Inc. are co-managers.

The company intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares offered to cover over-allotments, if any.

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