Monroe Bancorp Shareholders Approve Merger with Old National Bancorp

Monroe Bancorp MROE announced that at a special shareholders' meeting held today, the shareholders of Monroe approved the merger of Monroe with and into Old National Bancorp ONB. It is anticipated that the merger will become effective on January 1, 2011. Based on the terms of the Agreement and Plan of Merger dated October 5, 2010, between Monroe and ONB, holders of Monroe common stock will receive 1.275 shares of ONB common stock for each share of Monroe common stock held by them. The exchange ratio will adjust if the price of ONB common stock (calculated near the closing time) exceeds $10.98 per share. In such event, the Monroe shareholders will receive $14.00 of ONB common stock for each share of Monroe common stock held by them.