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OLD NATIONAL BANCORP First Midwest Bancorp , Inc. June 1 , 2021 Exhibit 99.1 Old National and First Midwest Announce Merger to Create a Premier Midwestern Bank Old National Contacts : Media : Kathy Schoettlin ( 812 ) 465-7269 Investors : Lynell Walton ( 812 ) 464-1366 First Midwest Contacts : Media : Maurissa Kanter ( 708 ) 831-7345 Investors : Patrick Barrett ( 708 ) 831-7231 $ 45 billion in total assets and $ 34 billion in total deposits Unlocks immediate scale and positions for continued in - market growth Accelerates opportunities to strengthen communities and drive positive change Transaction expected to close in late 2021 or early 2022 EVANSVILLE , Ind . and CHICAGO , Ill . June 1 , 2021 -Old National Bancorp ( " Old National " ) ( NASDAQ : ONB ) and First Midwest Bancorp , Inc. ( " First Midwest " ) ( NASDAQ : FMBI ) , jointly announced today they have entered into a definitive merger agreement to combine in an all - stock merger of equals transaction with a total market value of $ 6.5 billion to create a premier Midwestern bank with $ 45 billion in combined assets . With nearly 270 combined years of service and a shared commitment to Midwestern values , Old National and First Midwest are two organizations driven by a customer - centric approach to banking , an unwavering commitment to community and a strong focus on corporate social responsibility , making the combined entity the premier choice for employees , clients and shareholders . Under the terms of the merger agreement , which has been unanimously approved by the Boards of Directors of both companies , First Midwest stockholders will receive 1.1336 shares of Old National common stock for each share of First Midwest common stock they own . Following completion of the transaction , former First Midwest stockholders are expected to collectively represent approximately 44 % of the combined company . The new organization will operate under the Old National Bancorp and Old National Bank names , with dual headquarters in Evansville , Indiana and Chicago , Illinois . Michael Scudder , Chairman and CEO of First Midwest Bancorp , will serve as the Executive Chairman and Jim Ryan , Chairman and CEO of Old National Bancorp , will maintain his role as CEO . Additional leadership positions for the combined entity include : • Mark Sander , President and Chief Operating Officer ( First Midwest ) • • • • Jim Sandgren , CEO of Commercial Banking ( Old National ) Brendon Falconer , Chief Financial Officer ( Old National ) Kendra Vanzo , Chief Administrative Officer ( Old National ) Kevin Geoghegan , Chief Credit Officer ( First Midwest ) Thomas Prame , CEO of Community Banking ( First Midwest ) Chady AlAhmar , CEO of Wealth Management ( Old National ) The complete executive leadership team is expected to be announced prior to close .