Old National Bancorp Streamlines Operations Through Insurance Unit Sale and Workforce Reduction

Old National Bancorp is implementing strategic changes following its acquisition of Bremer Bank, announcing the divestiture of its Bremer Insurance Agencies subsidiary to Arthur J. Gallagher & Co. and confirming the elimination of 244 positions within the Twin Cities region. These operational adjustments represent key components of the company’s post-acquisition integration strategy.

The insurance brokerage sale was finalized yesterday, though financial terms of the transaction remain undisclosed. Simultaneously, the financial institution disclosed workforce reductions affecting a service center in Lake Elmo. The layoffs will commence in October or November, with the complete implementation extending through the end of 2026.

Affected positions encompass various functional areas including:
* Accounting personnel
* Loan processing specialists
* Financial analysts
* Customer support representatives

Despite these workforce reductions, Old... Read more...