Northwest Indiana Banks Complete MergerPosted: Updated:
The holding company for Munster-based Peoples Bank says it has completed the acquisition of First Federal Savings and Loan Association of Hammond. NorthWest Indiana Bancorp says the deal was a voluntary transaction and no shares or cash were exchanged.
April 4, 2014
Munster, Ind. -- NorthWest Indiana Bancorp (NWIN.OB), the holding company for Peoples Bank SB, announced today that Peoples Bank has successfully completed the previously announced acquisition of First Federal Savings and Loan Association of Hammond ("First Federal"), a federal mutual savings bank headquartered in Hammond, Indiana. Peoples Bank acquired the assets and liabilities of First Federal in a voluntary supervisory merger conversion transaction. No shares were issued or cash or other consideration was paid in the transaction.
With the completion of the acquisition, Peoples Bank will have approximately $760 million in assets, $482 million in loans and $629 million in deposits. The acquisition will expand Peoples Bank's retail banking network to 14 banking centers located in Lake and Porter Counties in Northwest Indiana. The joining of First Federal into the Peoples Bank brand will be completed during the third quarter of 2014.
"I'm extremely proud of the entire Peoples team for what they accomplished with this merger. This was a very unique transaction, and with no cash, stock or other consideration paid, it is expected to be accretive to earnings in 2014," said Benjamin Bochnowski, executive vice president and chief operating officer.
"Just as importantly, this merger reinforces our strong partnership in the community. We are excited about what we can offer to First Fed's customers, and look forward to growing our banking center network for all Peoples Bank customers," Bochnowski said.
About NorthWest Indiana Bancorp
NorthWest Indiana Bancorp is a locally owned and independent bank holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal and business financial services from its 14 locations in Lake and Porter Counties in Northwest Indiana. NorthWest Indiana Bancorp's common stock is traded on the OTC Bulletin Board under the symbol NWIN. The website ibankpeoples.com provides information on Peoples Bank's products and services, and NorthWest Indiana Bancorp's invest relations.
Source: NorthWest Indiana Bancorp