Munster-based NorthWest Indiana Bancorp, the parent of Peoples Bank SB, has completed its acquisition of AJS Bancorp Inc. in Illinois. As a result of the more than $34 million deal, AJS Bancorp subsidiary A.J. Smith Federal Savings Bank will merge into the Peoples Bank brand by the second quarter.
NWIN says now that the acquisition is complete, it will have approximately $1.2 billion in consolidated assets. The deal also further expands Peoples Bank’s network of branches into the South Suburban Chicagoland market.
Chief Executive Officer Benjamin Bochnowski says the bank continues to fulfill its strategic vision.
"Our footprint has expanded to better serve the banking needs of South Suburban Chicagoland and Northwest Indiana," said Bochnowski. "Many people commute daily across the state line and, as a community bank, we are uniquely positioned to help our customers be more successful. That is our mission, and we are excited not just about growing, but about better serving our customers and our communities."
Per the terms of the agreement, AJS Bancorp stockholders who hold 100 or more shares of AJS Bancorp common stock will receive 0.2030 shares of NWIN’s common stock and $7.20 in cash for each share of AJS Bancorp common stock. Those holding less than 100 shares will receive $16.00 per share and no stock consideration.
This is the second acquisition of an Illinois bank for NWIN in less than a year. In July the bank completed its $15 million acquisition of First Personal Financial Corp.