Old National, First Midwest to merger in a deal valuing First Midwest at $2.5 billion Indiana-based bank Old National Bancorp and Illinois-based First Midwest Bancorp announced Tuesday a "merger of equals" deal with a total market value of $6.5 billion. Under terms of the deal, First Midwest shareholders will receive 1.1336 shares of Old National shares for each First Midwest share they own. Based on Friday's closing prices, that values First Midwest shares at $21.60 each, a 3.2% premium. First Midwest would have a market capitalization of $2.47 billion at that price. After the deal closes, which is expected to occur in late 2021 or early 2022, First Midwest shareholders are expected to represent about 44% of the combined company. The banks expect the deal to boost Old National net earnings per share by 22% and increase First Midwest EPS by 35%. The banks' stocks were still inactive in premarket trading. Year to date, Old National shares rose 15.0% through Friday and First Midwest shares rallied 31.5%, while the SP 500 gained 11.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.