Old National Bancorp Provides Notice of Intent to Repurchase Warrant From U.S. Treasury

EVANSVILLE, Ind., April 20, 2009 (GLOBE NEWSWIRE) -- Old National Bancorp
(NYSE:ONB) announced today that it has provided notice to the U.S. Treasury
department of its intent to repurchase the Warrant to purchase up to 813,008
shares of the Company's common stock issued by the Company to Treasury on
December 12, 2008. The Warrant was issued in connection with the Company's
participation in Treasury's Capital Purchase Program (CPP) under the Emergency
Economic Stabilization Act of 2008. The Company does not anticipate the
repurchase of the Warrant to have an impact on the Company's net income or net
income available to common shareholders.

This repurchase is the second and final phase required of Old National to end
its participation in the Capital Purchase Program (CPP). On March 31, 2009, Old
National Bancorp announced that it repurchased all of the $100 million in
preferred, non-voting stock that was sold to the U.S. Department of Treasury as
part of the CPP for healthy financial institutions. The repurchase of the
Preferred Stock resulted in a charge to the Company's retained earnings of
approximately $2.6 million for the quarter ended March 31, 2009, representing
the unaccreted difference between the carrying value of the Preferred Stock and
the repurchase price. The charge to retained earnings does not impact the
Company's net income for the first quarter of 2009, but is a reduction to net
income available to common shareholders in the amount of $0.04 per common share
for the quarter ended March 31, 2009.

About Old National Bancorp

Old National Bancorp, celebrating its 175th anniversary in 2009, is the largest
financial services holding company headquartered in Indiana and, with $7.9
billion in assets, ranks among the top 100 banking companies in the United
States. Since its founding in Evansville in 1834, Old National has focused on
community banking by building long-term, highly valued partnerships with clients
in its primary footprint of Indiana, Illinois and Kentucky. In addition to
providing extensive services in retail and commercial banking, wealth
management, investments and brokerage, Old National also owns one of the largest
independent insurance agencies headquartered in Indiana, offering complete
personal and commercial insurance solutions. For more information and financial
data, please visit the Company's website at www.oldnational.com.

The Old National Bancorp logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=1872

Forward-Looking Statement

This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to, descriptions of Old National's
financial condition, results of operations, asset and credit quality trends and
profitability. Forward-looking statements can be identified by the use of the
words "anticipate," "believe," "expect," "intend," "could" and "should," and
other words of similar meaning. These forward-looking statements express
management's current expectations or forecasts of future events and, by their
nature, are subject to risks and uncertainties and there are a number of factors
that could cause actual results to differ materially from those in such
statements. Factors that might cause such a difference include, but are not
limited to, market, economic, operational, liquidity, credit and interest rate
risks associated with Old National's business, competition, government
legislation and policies, ability of Old National to execute its business plan,
including acquisition plans, changes in the economy which could materially
impact credit quality trends and the ability to generate loans and gather
deposits, failure or circumvention of our internal controls, failure or
disruption of our information systems, significant changes in accounting, tax or
regulatory practices or requirements, new legal obligations or liabilities or
unfavorable resolutions of litigations, other matters discussed in this press
release and other factors identified in the Company's Annual Report on Form 10-K
and other periodic filings with the Securities and Exchange Commission. These
forward-looking statements are made only as of the date of this press release,
and Old National undertakes no obligation to release revisions to these
forward-looking statements to reflect events or conditions after the date of
this release.

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CONTACT: Old National Bancorp
Financial Community:
Lynell J. Walton
(812) 464-1366
Media Relations:
Kathy A. Schoettlin
(812) 465-7269