EHS Partners

“It would be difficult to overstate the importance of Project Ascend, which has ramifications far beyond the earnings improvement it will generate.”
— Larry Dunigan, Chairman

Objective:

Following a major strategic review, Old National Bancorp's executive team determined that dramatically improving efficiency and focusing growth efforts were the core elements of their efforts to restore investor confidence and build a strong financial foundation. They partnered with EHS to achieve this.

Industry:

Regional banking

Key Facts:

$9 billion financial holding company
Provides a broad range of financial services including banking, trusts, investment and insurance products
Operates more than 130 offices across six states

Results:

$77 million in incremental pretax earnings based on approved initiatives (75% increase)
Reorganization of two key divisions to better position them for growth
Stock appreciated to a four-year high following the announcement of expected project impact

Press:

Old National Identifies $77 Million in Expense and Revenue Improvements; One-Time Charges to Impact Second-Quarter 2004 Earnings (46 KB PDF)

Old National Bancorp announces that it is has begun the 18-month implementation phase of Project Ascend, an employee-driven, company-wide program aimed at improving both efficiency and profitability. (June 9, 2004, Ascend)