Relevant Statistics:

Deal Value: $90.5 million

Deal Value Per Share: $14.52

Announcement Date: 10/6/10

Completion Date: 1/1/2011

Consideration: Common Stock

Price / Tangible Book Value: 161.7%

Core Deposit Premium: 6.2%

Market Premium: 169.9%

Background:

Old National Bancorp was founded in Evansville, IN in 1834. With $7.7 billion in assets and 165 branches, Old National is the largest financial services holding company headquartered in Indiana. Old National also has branches in southern Illinois and western Kentucky.

Monroe Bancorp is an Indiana bank holding company whose wholly owned subsidiary, Monroe Bank, is the largest bank headquartered in Bloomington, IN with nearly $850 million in assets. Monroe Bank was established in 1892 and currently has 15 banking centers in central and south central Indiana.

Investment Banking Role:

On October 6, 2010, Old National Bancorp and Monroe Bancorp announced the execution of a definitive agreement under which Old National would acquire Monroe Bancorp though a merger. The transaction was completed on January 1, 2011. Raymond James acted as sole financial advisor to Monroe Bancorp in this transaction.

Successful Outcome:

The transaction strengthens Old National’s position as the third largest branch network In Indiana. The transaction also enables Monroe Bancorp’s customers and associates to continue to work with a community-focused, Indiana-based financial institution with a similar culture and vision.