Filed by Old National Bancorp
                            Pursuant to Rule 425 under
                              the Securities Act of 1933
                            Subject Company:Old National
                              Bancorp - Permanent Bancorp, Inc.
                            Commission File No. 0-10888


SUBJECT:  OLD NATIONAL BANCORP, INC. AND PERMANENT BANCORP, INC.
          PROVIDE FURTHER DETAILS ON EXCHANGE RATIO FOR
          ACQUISITION ANNOUNCED DECEMBER 20, 1999.

RELEASE DATE:  February 1, 2000

FOR FURTHER INFORMATION CALL: John Poelker - 812-464-1266
                                Executive Vice President
                                Chief Financial Officer



On  December 20, 1999, Old National Bancorp, Inc. (NASDAQ:  OLDB)
and Permanent Bancorp, Inc. (NASDAQ: PERM) announced an agreement
under  which Old National would acquire Permanent in an all stock
transaction valued at approximately $92 million.

The agreement calls for a fixed price with the exchange ratio  to
be  based on the price of Old National stock at the time  of  the
closing  subject  to  adjustment.  The  agreement  provides   for
adjustments  in the exchange ratio and the renegotiation  of  the
agreement   under  certain  conditions.  The   following   is   a
description  of  the provisions of the agreement related  to  the
exchange  ratio. Old National share prices have been adjusted  to
reflect  the 5% stock dividend payable to shareholders of  record
January 6, 2000.

  The assumed number of Permanent shares and vested options to
  be exchanged in the transaction is approximately 4,432,742. At a
  total purchase price of $92 million, this equates to a projected
  price per Permanent share/option of approximately $20.75.

  If the share price of Old National at the time of closing is
  between $26.60 and $34.20, the number of shares of Old National
  stock  payable  to Permanent shareholders would be  derived  by
  dividing  $92 million by the Old National share price. Assuming
  the  $20.75 value above, the exchange ratio per Permanent share
  would range between a low of .6069 shares of Old National at an
  Old National price of $34.20 to a high of .7802 shares at an Old
  National price of $26.60.

  If the share price of Old National is less than $26.60, the
  exchange  ratio  will be fixed at .7802 and the  value  of  the
  transaction will be less than $92 million.  However, if the share
  price  of  Old  National  is less than  $24.70,  Permanent  may
  terminate the agreement if Old National elects not to  increase
  the transaction value to $85.4 million.

  If  the  share price of Old National is greater  than
  $34.20, the exchange ratio will be fixed at .6069 and the value
  of  the  transaction will be greater than $92 million.  If  the
  share price of Old National is greater than $36.10, Old National
  may request to renegotiate the exchange ratio and if the parties
  are  unable to agree to a new exchange ratio, Old National  may
  terminate the agreement.

  The  value  of  the  transaction  may  increase  by  up  to
  approximately $l.5 million depending upon the number of Permanent
  options exchanged prior to the closing.

Old  National & Permanent plan to complete the transaction in the
third  quarter  of  2000 pending all regulatory  and  shareholder
approvals.

Investors  are urged to read the important information  regarding
the  transaction  which  will  be  disclosed  in  a  registration
statement filed by Old National with the SEC.  Investors can view
the  registration  statement and other  documents  filed  by  Old
National  and  Permanent  at  the  SEC's  web  site  located   at
http://www.sec.gov.  Investors can obtain any  of  the  documents
incorporated by reference in the registration statement free from
Old National or Permanent as the case may be.


                              -30-