Old National Bancorp (ONB) will raise its quarterly dividend by 7.7 percent to $0.14 per share in 2020. This is the company's first dividend hike since 2016.

The increased dividend will be paid on March 16, 2020 to shareholders of record on March 2, 2020. A new annual dividend rate of 56 cents yields 3.1% at a stock price of $18.17.

Old National Bancorp is the holding company of Old National Bank. Headquartered in Evansville with $20.4 billion in assets, it is a top 100 U.S. bank, the largest Indiana-based bank and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for eight consecutive years. For 185 years, Old National has been a community bank committed to building long-term, highly valued relationships with clients. With locations in Indiana, Kentucky, Michigan, Minnesota and Wisconsin, Old National provides retail and commercial banking services along with comprehensive wealth management, investment and capital markets services.