Old National Bank
Old National Bank- (S&P: BBB+ / Moody's: A3) — investment-grade credit, top 25
Marketing description
CIRE Partners is pleased to exclusively offer for sale a single-tenant bank located in Indiana. The investment contains a corporately guaranteed lease from an investment grade tenant, First Mid Illinois Bank & Trust, and Old National Bank S&P: BBB+ / Moody's: A3) — investment-grade credit, top 25. The current lease term runs until 2029 and has four, five-year option periods with annual rent increases throughout the remaining lease term and option periods.
Investment highlights
LARGEST BANK ON CLINTON'S MAIN STREET CORRIDOR One of only two banks operating in Clinton, with Old National holding the prime Main Street location — producing $96.2M in branch deposits (FDIC 6/30/25) and serving the market since 1964.
TENANT ON AN AGGRESSIVE NATIONAL GROWTH TRAJECTORY $1.4B Bremer acquisition closed May 2025 — Old National now holds $70B in assets, ranks top 25 U.S. banks, and is Indiana's largest bank holding company.
ABSOLUTE NNN / ZERO LANDLORD RESPONSIBILITIES Tenant pays all expenses — roof, structure, parking, and maintenance. Fully passive income, zero management obligations.
UNION HEALTH SYSTEM ANCHORS LOCAL HEALTHCARE DEMAND Union Health finalized its merger with Terre Haute Regional Hospital in December 2025, creating a dominant regional health system — with Union Hospital Clinton serving as the critical access hospital for Parke and Vermillion Counties, anchoring healthcare employment and patient traffic directly to this branch's market.
I-74 CORRIDOR TIF DISTRICT — INFRASTRUCTURE FOUNDATION FOR GROWTH Vermillion County created a new Economic Development Area and TIF District focused on the I-74 corridor in 2024, with infrastructure construction targeted to begin in 2025 — laying the foundation for warehousing, distribution, and hospitality development that will drive population and income growth throughout Clinton's trade area.
185MW SOLAR PROJECT COMING TO VERMILLION COUNTY A proposed 185-megawatt solar project is slated for Vermillion Rise Mega Park in 2025–2026, part of the county's broader push to attract industrial and clean energy investment to its 7,000-acre development site — generating long-term tax revenue for local schools and county services.
STATE READI 2.0 INVESTMENT IN THE WABASH VALLEY REGION The Wabash River Regional Development Authority — representing Vermillion County — received $10M in READI 2.0 funding from Indiana's $500M statewide initiative, targeting housing, workforce development, childcare, and quality-of-life improvements across the five-county region.
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