KeyBank executive assumes presidency and COO role at Old National Bank
In a significant move for Old National Bank, Tim Burke has been appointed as the President and Chief Operating Officer, effective as of 2025. With nearly three decades of banking experience under his belt, Burke brings a wealth of knowledge and expertise to his new role.
Burke's career has been primarily focused on serving clients and communities in the Midwest, a region where Old National Bank operates. Most recently, he held an executive role at a super-regional bank, overseeing commercial banking services across twelve Midwestern markets, including Illinois, Indiana, and Michigan. His relocation to Old National Bank underscores a career dedicated to regional banking leadership within the Midwest area.
The appointment of Burke comes at a time when Old National Bank is experiencing growth, thanks in part to the acquisition of Minnesota-based Bremer Bank, which closed on May 1. This acquisition has contributed to a significant increase in loans and deposits for the bank, with period-end loans rising by 32% year over year, and deposits increasing by 36%.
Burke's new role at Old National Bank also comes with a competitive compensation package. His annual base salary will be $750,000, and he will receive a $600,000 cash signing bonus. In addition, Burke stands to receive 33,000 shares of Old National common stock, which will vest over four years, and his annual bonus has a target worth another $750,000. His annual long-term equity award could total 150% of his salary, although no new information regarding this was disclosed.
Old National Bank's focus on growing its balance sheet, expanding fee-based businesses, and controlling expenses was highlighted in the second quarter, contributing to a 3.5% year-over-year increase in profit, amounting to $121.4 million. The bank is said to be in a strong position for the remainder of the year, benefiting from a larger balance sheet and a stronger capital position.
John Moran was named as the permanent CFO of Old National Bank in August, replacing Brendon Falconer who was arrested on two child molestation charges in March 2024.
With Burke at the helm, Old National Bank is poised for continued growth and success in the banking industry. His extensive experience and strategic leadership will undoubtedly play a crucial role in the bank's future.
[1] Source: Old National Bank press release, date unknown [2] Source: KeyBank press release, date unknown [4] Source: Old National Bank press release, date unknown
Burke's extensive experience in the banking industry, coupled with his appointment as President and COO of Old National Bank, positions the financial institution for continued growth in the Midwest business sector, particularly in the areas of banking and insurance. As Old National Bank continues to expand through strategic acquisitions and focus on growing its balance sheet, Burke's expertise in commercial banking services will prove invaluable in meeting these ambitious goals.
