Old National Bancorp said it will lay off 83 Minnesota employees by April 26 as it absorbs Klein Financial Inc. into its bank network.
The $434 million Klein acquisition closed Nov. 1, and affected employees were notified on Nov. 13 and 14, Old National said in a letter to the state of Minnesota required under the Worker Adjustment and Retraining Notification Act.
After the acquisition, the Twin Cities area is now Old National’s largest market, representing about 23 percent of the bank’s network, according to an investor presentation.
KleinBank locations will be rebranded as Old National in mid-April. After an earlier acquisition, Anchor Banks also are now Old Nationals.
“Old National is certainly no stranger to bringing together two companies, and with each partnership, we think carefully about positions and associates affected,” said Margaret Murphy, regional chief culture and credit officer for Old National, which is based in Evansville, Ind.
Affected employees will receive “career transition services including résumé and interview skills workshops and personal career continuation services,” said the letter sent to the Minnesota Department of Employment and Economic Development.
Of the 83 positions affected, 81 were full-time and 75 were at Klein’s former Chaska headquarters.
Most of the affected positions are in operations and support.
Old National said it will close Klein’s Prior Lake Commerce Banking Center in mid-April, but employees there will move to other locations.
The Klein acquisition makes Old National the seventh-largest community bank in the Twin Cities with $3.2 billion in deposits, 33 locations and 530 employees.