Evansville, Indiana-based Old National Bank named KeyBank veteran Tim Burke as its president and chief operating officer Tuesday, as it also disclosed second-quarter earnings.
"Tim brings nearly 30 years of extensive banking expertise to this critical role,” Old National CEO Jim Ryan said in a statement. “I am confident that his infectious energy, strong strategic vision and collaborative leadership approach will ensure that Old National continues to exceed client expectations for years to come, while also working to strengthen the communities we serve."
Burke had posted on LinkedIn that Monday marked his last day at KeyBank, where he served as executive vice president of the central region and field enablement in the lender’s commercial banking segment. In that role, he oversaw commercial banking in 12 markets, including Chicago, Cleveland, Columbus and Cincinnati.
“I’m truly thrilled to join a team that’s so deeply committed to relationship banking and making a real impact on our communities,” Burke said in a statement. “Old National’s core values and mission strongly align with my personal values, positioning me well to jump into the role, take care of clients and deliver standout products and services consistently across all of our markets.”
Burke succeeds Mark Sander in the president and COO role. Old National announced in January that Sander would retire June 30.
In his new role, Burke will receive an annual base salary of $750,000, an annual bonus with a target worth another $750,000 and an annual long-term equity award that could total 150% of his salary. Burke will also receive a $600,000 cash signing bonus and 33,000 shares of Old National common stock that will vest over four years, the bank disclosed Tuesday.
Burke worked at KeyBank for roughly nine years, starting as market president for eastern Ohio, according to his LinkedIn profile. Previously, Burke served as CEO of Akron, Ohio-based FirstMerit Bank until 2016, when Huntington Bank acquired the lender.
As president and COO, Burke will be responsible for Old National’s commercial, community and wealth segments, as well as its credit and marketing teams. About 4,000 employees will report to him, a company spokesperson told American Banker in an email.
Among Old National’s second-quarter earnings, also disclosed Tuesday, the bank reported profit rose about 3.5% year over year, to $121.4 million.
Old National’s $1.4 billion acquisition of Minnesota-based Bremer Bank, which closed May 1, already appears to be bearing fruit. Period-end loans, including those from Bremer, increased 32% year over year, an earnings slideshow indicated. Period-end deposits, including those from Bremer, jumped 36% year over year.
Ryan credited Old National for its “strong focus on the fundamentals” in the second quarter. That included “growing our balance sheet, expanding our fee-based businesses and controlling expenses,” he said Tuesday.
The bank “is well-positioned for the remainder of the year, benefiting from a larger balance sheet and a stronger capital position," Ryan said.
Burke’s onboarding isn’t Old National’s only C-suite move in the past year. The bank last August named John Moran, then interim CFO, to the post permanently. Moran replaced Brendon Falconer, who was arrested in March 2024 on two child molestation charges.
