Integra Bank Corp. announced it has agreed to sell its wealth management arm to Old National Bancorp.
Because of a servicing agreement between the company, Integra Wealth Management and Trust’s clients will immediately begin being servicing by Old National Wealth Management’s client advisors. The clients will have full access to Old National's investment and trust experts.
This acquisition, which is subject to regulatory approval and satisfaction of customary closing conditions, is expected to close by July 1.
"Though disappointed to divest our wealth management and trust business, we believe this represents the best solution for our clients to ensure they continue to receive exceptional service and investment advice," Mike Alley, Integra Bank’s chairman and CEO said in a press release. "The Servicing Agreement will allow a smooth and timely transition as our two teams work together," Alley added.
Integra, which is based in Evansville, Ind., is the parent of Integra Bank N.A. As of December 31, it had $2.4 billion in total assets. Integra has 52 branches in Indiana, Kentucky and Illinois.
Also based in Evansville, Old National had $7.3 billion in assets as of Dec. 31. It also has branches in Indiana, Kentucky and Illinois.