Old National Bancorp (ONB)

The Joliet City Council has voted to switch its primary banking institution from Old National Bank (which acquired First Midwest Bank) to JP Morgan Chase, despite pleas from Old National Bank about its long-standing community presence. Finance director Kevin Sing recommended the change, citing that JP Morgan Chase's proposal would generate over $227,000 more in interest and incur no banking fees, saving the city at least $50,000 annually. The new five-year agreement is expected to result in significant financial benefits for Joliet taxpayers.

Old National Bancorp (ONB) released an investor presentation for Q2 2026, showcasing strong financial performance with adjusted returns on assets and tangible common equity of 1.39% and 19.9% respectively, and robust capital levels. The bank emphasizes its strategic focus on being a top-quartile "basic bank" supported by disciplined risk management and core deposits. Analysts currently rate ONB stock as a "Buy" with a $29.00 price target, and TipRanks' AI Analyst assesses it as "Outperform" due to strong fundamentals and a positive earnings outlook.

Old National Bancorp's President and COO, Timothy M. Burke Jr., surrendered 2,335 shares of common stock on August 1, 2026, at $26.64 per share. This transaction was performed to satisfy tax withholding obligations related to the vesting of a restricted stock award. Following this surrender, Burke Jr. directly holds 54,084 shares of ONB common stock.

Old National Bank, which succeeded First Midwest Bank, committed $10.5 million to corporate giving in the past year, as detailed in its newly released 2022 Environmental, Social and Governance (ESG) report. The financial institution, headquartered in Evansville, serves communities across Northwest Indiana, supporting over 1,700 nonprofits and accumulating over 65,000 volunteer hours from its employees. The report also covers the bank's governance, ethics, client services, and commitment to diversity, equity, and inclusion.

Truist Securities has maintained a 'Buy' rating for Old National Bancorp (ONB) and raised its price target from $28.00 to $29.00, reflecting a positive outlook despite the stock being considered 15.8% overvalued by GuruFocus. ONB has a GF Score™ of 67/100, indicating solid overall performance with strengths in profitability and growth, but a weaker financial strength. Investors are advised to consider the overvaluation carefully alongside the positive analyst sentiment.