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Compare the benefits of Old National Bank savings accounts to find the right option. Convenient savings, money markets, IRAs, and CD accounts are available.
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Do you need an Estate Plan?
Estate plans are essential for anyone who owns assets and wants to determine how, when and where they go. Additionally, if you have minor
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7 Trends Small Business Owners Can Embrace To Excel In 2023
Make the new year an opportunity for growth and fulfillment, even during one of the most challenging eras for small business owners. Alykhan Jetha
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Eco-Friendly Banking: Old National Bank's Commitment to Recycling Technology with ‘PCs for People’
We live in the digital age, where technology is at the heart of nearly every aspect of our lives. The financial industry relies on cutting-edge
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How Marketers and Small Businesses Are Pivoting Ahead of TikTok Ban
Millions of small businesses in the U.S. rely on TikTok to reach younger customers. With a potential ban on the horizon, businesses are looking for alternatives. Read on for what to expect
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News: Federal Reserve Governor Outlines 2025 Economy, Threats to Financial Stability
Federal Reserve Governor Lisa Cook in January spoke at the Seventh Conference on Law and Macroeconomics at the University of Michigan Law School in
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Beyond The Green: The ‘G’ In ESG Is Key To Fighting Corruption
Corruption is a common ESG issue. Proactive corporate governance is key to addressing and preventing it
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The 4 Biggest Changes You'll See on Your Tax Return This Year
Tax season is just about to start, and now's the moment of truth to see what impact the late-2017 tax reform laws will have on your tax return.
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Community Reinvestment Act
Old National works to build products, services and collaborative partnerships that help individuals and families reach their goals. Access our CRA Public File.
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What are the replacement rates for LIBOR?
Although options for replacing LIBOR continue to evolve, Old National has currently identified the following potential replacement options for our clients:
- Secured Overnight Financing Rate (SOFR)
- Term SOFR
The Secured Overnight Financing Rate or SOFR is the replacement benchmark recommended by the New York Federal Reserve’s Alternative Reference Rate Committee (ARRC). (See references below for more information on the work of the ARRC.) SOFR is derived from transactions that are executed in the overnight repurchase agreement (repo) market. These transactions are executed between banks and other intermediaries and are often collateralized by US Treasury securities. The market for SOFR is very deep and liquid with nearly $1 trillion in underlying transactions executed daily.
While SOFR has been identified as the replacement index for LIBOR, there are multiple calculation methodologies which have been developed given that SOFR is a daily rate. The CME Term SOFR Reference Rates benchmark is a daily set of forward-looking interest rate estimates based on the SOFR futures contracts. CME Term SOFR Reference Rates are calculated and published for 1-month, 3-month, 6-month and 12-month tenors. Like LIBOR, CME Term SOFR Reference Rates are forward-looking, and the rate is set at the beginning of the period and interest is paid in arrears.
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3 Ways Leaders Can Reduce Burnout and Improve Retention for Their Hybrid Workers
According to a recent workplace survey, 80 percent of 25- to 34-year-olds said that friendships with co-workers are the most important thing to them