Old National (ticker: ONB), based in Evansville, Indiana, and First Midwest (FMBI), in Chicago, are joining up in an all-stock merger of equals with a market value of $6.5 billion, the banks announced on Tuesday. The deal is expected to close at the end of this year or the beginning of next year, subject to regulatory and shareholder approvals.Shares of First Midwest were up 1.1%, to $21.16, in midday trading; Old National stock, though, was down 2.2%, to $18.64.
The combined entity, which will…

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