Munster-based NorthWest Indiana Bancorp has announced plans to acquire First Personal Financial Corp. in Illinois. The parent of Peoples Bank SB says the deal, valued at more than $15 million, is expected to close in the third quarter.
The deal remains subject to shareholder and regulatory approvals. NWIN says, once the acquisition has closed, First Personal Bank will merge into Peoples Bank and the combined entity will continue under the Peoples Bank name.
NWIN Chief Executive Officer Benjamin Bochnowski says the acquisition is a "natural fit" with strong benefits.
"This combination will create a $1.1 billion asset bank that will bring tangible benefits to existing Peoples customers in this market while extending a broader array of commercial, home mortgage, and consumer loan products as well as traditional and modern electronic banking services to First Personal’s customers," said Bochnowski. "We will also be able to offer trust and wealth management capabilities in this market that will complement our customers’ banking experience."
Bochnowski adds First Personal CEO Randy Schwartz will continue with the company through the end of the year to assist with the integration of the two banks.
Under the terms of the agreement, First Personal shareholders will receive 0.1246 of NWIN common stock and $6.67 cash for each issued and outstanding share of First Personal common stock they own.