Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
GASSEN JEROME J
   2. Issuer Name and Ticker or Trading Symbol
OLD NATIONAL BANCORP /IN/ [ONB] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EXEC VICE PRES-BANKING
(Last)
(First)
(Middle)
11034 GUNWALE DR		 3. Date of Earliest Transaction (Month/Day/Year)
01/26/2005
(Street)

INDIANAPOLIS, IN 46236-9561		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
COMMON STOCK 01/26/2005   J V 45.613 A $ 22.73 957.881 D  
COMMON STOCK 01/26/2005   J V 450 A $ 22.73 9,450 D  
COMMON STOCK 01/26/2005   J V 122.37 A $ 22.73 2,603.874 I ONB ESOP
COMMON STOCK 01/26/2005   J V 65.73 A $ 22.73 1,380.33 D (1)  
COMMON STOCK 01/26/2005   J V 19.898 A $ 22.73 417.848 D (2)  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
INCENTIVE STOCK OPTION $ 11.1184             04/22/1997(3) 04/22/2007 COMMON STOCK 2,512   2,512 D  
NONQUAL STOCK OPTION $ 15.8197             12/15/1997(3) 12/15/2007 COMMON STOCK 2,411   2,411 D  
INCENTIVE STOCK OPTION $ 15.8197             12/15/1997(3) 12/15/2007 COMMON STOCK 1,773   1,773 D  
NONQUAL STOCK OPTION $ 14.3647             12/21/1998(3) 12/21/2008 COMMON STOCK 1,464   1,464 D  
EMPLOYEE STOCK OPTION $ 21.7             06/27/2002(4) 06/27/2011 COMMON STOCK 32,089   32,089 D  
EMPLOYEE STOCK OPTION $ 20.58             01/22/2003(5) 01/22/2012 COMMON STOCK 35,307   35,307 D  
EMPLOYEE STOCK OPTION $ 20.68             01/31/2004(6) 01/31/2013 COMMON STOCK 121,275   121,275 D  
EMPLOYEE STOCK OPTION $ 20.43             12/31/2004(7) 02/02/2014 COMMON STOCK 9,450   9,450 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
GASSEN JEROME J
11034 GUNWALE DR
INDIANAPOLIS, IN 46236-9561		       EXEC VICE PRES-BANKING  

Signatures

 JEFFREY L KNIGHT, EXECUTIVR VP AND CHIEF LEGAL COUNSEL, AS ATTORNEY-IN-FACT   02/07/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Held as Jerome Gassen with a broker.
(2) Held as Jerome and Carol Gassen JT with a broker.
(3) The option is Immediately Exercisable.
(4) The Option vests in 4 equal annual installments beginning on February 1, 2002.* (*) Subject to Accelerated Vesting in Certain Circumstances.
(5) The Option vests in 4 equal annual installments beginning on January 22, 2003 .* (*) Subject to Accelerated Vesting in Certain Circumstances.
(6) The Option vests in 4 equal annual installments beginning on January 31, 2004 .* (*) Subject to Accelerated Vesting in Certain Circumstances.
(7) Vests 100% on December 31, 2004.

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