Evansville – On 25 July, the Evansville-based Old National Bancorp will drop the New York Stock Exchange (NYSE) in favor of the NASDAQ. According to Old National President & CEO, Bob Jones, ‘most of our peers are on the NASDAQ and they (NASDAQ) offer a complete suite of products that will allow us to be more responsive to our shareholders.’ The move will take effect on August 14 and it is expected that the Bank’s ticker symbol, ONB, will remain unchanged.
While, the NASDAQ is known for technology stocks such as Amazon, Facebook, and Google, more than 400 banks are active on the exchange, including 95 percent of Indiana’s publically traded banks. Given the intense competition in the financial trading industry, one of the big attractions for financial service institutions is electronic trading. NASDAQ’s strength in this area was very appealing to Old National as it seeks to compete on factors that include the cost and speed of transactions.
According to NASDAQ’s 2012 annual report, that exchange picked up 16 companies last year who switched their listings from the NYSE while 15 companies transferred from other exchanges to the NYSE.
Founded in 1985 on a tradition of community banking, Old National has assets in excess of $ 9 billion. The bank is headquartered in Evansville, Indiana and owns multiple financial services operations in Indiana, Illinois, and Kentucky. The company provides a comprehensive range of financial services including commercial and retail banking, trust, brokerage, correspondent banking, and insurance. Shares of Old National closed Friday at $14.48, down 23 cents.
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