Munster-based Finward Bancorp (Nasdaq: FNWD) says the Indiana Department of Financial Institutions has approved its proposed merger with Royal Financial Inc. in Chicago. The parent of Peoples Bank says it has now received all necessary regulatory approvals for the merger to be completed.
The merger was first announced in late July. When complete, Royal Savings Bank will merge with and into Peoples Bank, with at least one Royal Savings Bank location expected to close.
The deal previously received approval from the Federal Deposit Insurance Corp., while the Federal Reserve Bank of Chicago approved Finward’s waiver from its application filing requirements.
The Illinois Department of Financial and Professional Regulation also issued a letter of no objection to Peoples Bank establishing foreign trust offices at current Royal Savings Bank branches.
“With these approvals, we enter the new year on target to achieve key strategic milestones,” said Benjamin Bochnowski, chief executive officer of Finward. “Integration of our organizations is on track for early Q2 2022, as we create value for all of our stakeholders.”
The merger is expected to be close at the end of next month.