LAFAYETTE, Ind., Sept. 3, 2014 /PRNewswire/ -- LSB Financial
Corp., (NASDAQ: LSBI), (the "Company"), the parent company of
Lafayette Savings Bank, FSB, announced that at its special meeting
of shareholders held today, the shareholders of the Company
approved the Agreement and Plan of Merger between the Company and
Old National Bancorp (NASDAQ: ONB) pursuant to which the Company
will merge with and into Old National Bancorp. The merger is
expected to close on November 1, 2014, subject to the
satisfaction of the closing conditions contained in the merger
agreement.
As previously announced, under the terms of the Agreement and
Plan of Merger with Old National Bancorp, shareholders of LSB
Financial will receive 2.269 shares of Old National common stock
and $10.63 in cash (fixed) for each
share of LSB Financial common stock. The exchange ratio is
subject to adjustment (calculated prior to closing) in the event
stockholders' equity of LSB Financial is below $40 million. The Agreement and Plan of
Merger also provides that Lafayette Savings Bank will be merged
into Old National Bank, Old National Bancorp's national bank
subsidiary.
The Company also announced that it will pay a quarterly dividend
of $0.09 per share to shareholders of
record as of the close of business on September 15, 2014 with a payment date of
September 29, 2014.
The closing price of LSB Financial common stock on September 2, 2014 was $40.67 per share as reported by the Nasdaq Global
Market.
About LSB Financial Corp.
LSB Financial Corp. owns the largest bank headquartered in
Lafayette, Indiana.
Lafayette Savings Bank owns five banking centers in Tippecanoe
County. It is a community-focused organization with a legacy
of service that dates back to 1869.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements include, but are not limited to,
statements about the expected timing, completion, financial
benefits and other effects of the proposed merger between Old
National Bancorp ("ONB") and LSB Financial Corp. ("LSB").
Forward-looking statements can be identified by the use of the
words "anticipate," "believe," "expect," "intend," "could" and
"should," and other words of similar meaning. These forward-looking
statements express management's current expectations or forecasts
of future events and, by their nature, are subject to risks and
uncertainties and there are a number of factors that could cause
actual results to differ materially from those in such statements.
Factors that might cause such a difference include, but are not
limited to: expected cost savings, synergies and other financial
benefits from the proposed merger might not be realized within the
expected time frames and costs or difficulties relating to
integration matters might be greater than expected; the requisite
shareholder and regulatory approvals for the proposed merger might
not be obtained; market, economic, operational, liquidity, credit
and interest rate risks associated with ONB's and LSB's businesses;
competition; government legislation and policies (including the
impact of the Dodd-Frank Wall Street Reform and Consumer Protection
Act and its related regulations); ability of ONB and LSB to execute
their respective business plans (including ONB's pending
acquisitions of LSB and United Bancorp, Inc.); changes in the
economy which could materially impact credit quality trends and the
ability to generate loans and gather deposits; failure or
circumvention of our internal controls; failure or disruption of
our information systems; significant changes in accounting, tax or
regulatory practices or requirements; new legal obligations or
liabilities or unfavorable resolutions of litigations; other
matters discussed in this press release and other factors
identified in our Annual Reports on Form 10-K and other periodic
filings with the Securities and Exchange Commission. These
forward-looking statements are made only as of the date of this
press release, and neither ONB nor LSB undertakes an obligation to
release revisions to these forward-looking statements to reflect
events or conditions after the date of this press release.
SOURCE LSB Financial Corp.