Old National Bancorp's Digital Transformation: How Matt Keen's Leadership is Powering Scalable Innovation

The banking sector's evolution toward tech-driven solutions has never been more critical. Old National Bancorp (NASDAQ: ONB) is positioning itself as a leader in this shift through strategic acquisitions, technological integration, and visionary leadership. At the heart of this transformation is Chief Information Officer Matt Keen, whose expertise in scaling digital infrastructure is now driving Old National's competitive edge post its Bremer Bank acquisition. This article explores how Keen's appointment and the integration of Bremer's systems are propelling ONB toward top-tier regional bank status—and why investors should take note.

The Matt Keen Factor: A Decade of Tech Leadership

Before joining Old National in 2025, Keen spent over three decades in technology leadership roles at firms like Bremer Bank, Two Harbors Investments, and Ameriprise Financial. His tenure at Bremer as CIO saw him modernize its tech stack, optimize cloud services, and align digital tools with client needs—a blueprint now being scaled across Old National's broader operations.

Keen's appointment signals a commitment to leveraging technology to enhance scalability. “The integration of Bremer's systems isn't just about size—it's about capability,” said CEO Jim Ryan in a recent statement. Under Keen, Old National is prioritizing AI-driven analytics, cloud infrastructure, and seamless customer experiences to outpace competitors in the Midwest and Southeast.

Bremer Integration: A Catalyst for Tech Advancement

The May 2025 merger with Bremer Bank added $7.3 billion in assets and 70 branches, but its true value lies in the tech synergies. Keen's team is consolidating systems to create a unified platform that:
1. Enhances customer access: Over 350 branches and surcharge-free ATMs now supported by a single digital backbone.
2. Boosts operational efficiency: LPL Financial's $360M+ annual tech investments (a key partner of ONB) provide AI tools for wealth planning and real-time data analytics.
3. Ensures compliance: Real-time FDIC insurance tracking and cybersecurity upgrades protect over 1.2 million customer accounts during the integration phase.

The integration has already shown results. By Q2 2025, ONB's net interest margin stabilized at 3.1%, up from 2.9% a year prior, reflecting cost efficiencies. Meanwhile, revenue grew to $2.6 billion, driven by cross-selling opportunities in wealth management and small business banking.

Scalability Meets Growth: Why Investors Should Pay Attention

Old National's strategy isn't just about survival—it's about leadership in a fragmented regional banking market. Key growth levers include:
- Market Cap Expansion: ONB's valuation rose 55% year-over-year to $7.9 billion, outpacing its Russell 2500 Growth Index peers.
- Buyback Muscle: A $200 million stock repurchase program highlights confidence in its undervalued P/E of 14.4x, below the sector average of 15.8x.
- Geographic Diversification: Post-Bremer, ONB now serves 22 states, reducing reliance on any single regional economy.

Critics may question execution risks in large-scale integrations, but Keen's track record at Bremer—where he reduced IT costs by 15% while boosting client satisfaction—suggests ONB is in capable hands.

Investment Takeaway: A Mid-Cap Banking Gem

Old National Bancorp offers a compelling mix of growth and stability. With a dividend yield of 2.6% and a manageable 32% payout ratio, it balances shareholder returns with reinvestment in tech. Analysts project 30.8% annual earnings growth through 2026, fueled by synergies from Bremer and CapStar (another 2025 acquisition).

For investors:
- Buy: Consider a position if ONB dips below $20, targeting its 52-week low of $16.50.
- Hold: Maintain exposure if the stock trades near $24, awaiting further catalysts like Q3 earnings.
- Avoid: Steer clear if macroeconomic risks—like Fed rate hikes—threaten net interest margins.

Old National's blend of tech-savvy leadership, strategic mergers, and scalable infrastructure positions it as a standout play in regional banking. In an era where digital innovation defines winners, Matt Keen and ONB are writing the playbook.