Old National Bancorp Buys Terrill Group
By Mark E. Ruquet
NU Online News Service, Oct. 24, 3:04 p.m. EST?Old National Bancorp, headquartered in Evansville, Ind., announced the purchase of the Terrill Group Inc., a St. Louis-based insurance agency, and the appointment of a new executive team to head the insurance division.
Terms of the deal were not disclosed.
The 30-year-old Terrill Group, a 130-employee insurance, benefits and risk management firm, is one of the largest insurance firms in St. Louis, ONB said. The agency will operate as part of ONB Insurance Group.
ONB said the acquisition would double in size the institution's insurance product portfolio. The Group has more than $270 million in premiums.
The bank also announced a new team of executives for the insurance group.
Jack Terrill, former chief executive officer and chairman of the Terrill Group, has been appointed chairman and CEO of ONB Insurance Group. Mr. Terrill replaces Donald W. Scott, long-time Group president and CEO, who announced his retirement in early October.
Tom Fields, former president of SouthTrust Insurance Agency in Birmingham, Ala., was named president of ONB Insurance Group. ONB Insurance Group veteran Doug Grim was named regional president overseeing insurance operations in the northeast and northwest regions. Donald T. Scott remains chief operating officer.
The bank reported today, for the third quarter ending Sept. 30, that revenues rose 11 percent, or $12 million, going from $106.2 million in the third quarter of 2001 to $118 million in 2002.
Net income rose 34 percent, from $26.1 million in 2001 to $35 million in 2002. Earnings per share rose 36 percent for the quarter, or 15 cents, going from 42 cents in 2001 to 57 cents per share in 2002.
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