Bank Signs Definitive Agreement
Acquire First Federal Savings and Loan Association
Indiana Bancorp (the “Bancorp”), the holding company for
Peoples Bank, announced that its bank subsidiary, Peoples
Bank SB (“Peoples”) has signed a definitive agreement to
acquire First Federal Savings and Loan Association of Hammond
(“First Federal”), a federal mutual savings bank
headquartered in Hammond, Indiana, by merger.
will acquire the assets and liabilities of First Federal in a
voluntary supervisory merger conversion transaction. No
shares will be issued or cash or other consideration paid in the
transaction. The transaction will not require the approval of
the members of First Federal.
Federal has a home office and branch office in Lake County,
Indiana. As of September 30, 2013, First Federal reported
total assets of $40.7 million, total loans of $31.8 million, and
total deposits of $37.6 million.
Freyek, president and chief executive officer of First Federal,
views the merger as the means to bring together two community
banks that share a similar history of local decision-making,
great customer service and commitment to the communities they
serve. “Our goal this past year has been to explore possible
relationships that would be meaningful to our customers,
employees and the community,” said Freyek. “We’re
excited to partner with Peoples and provide our customers access
to a full range of deposit, lending and wealth management
product and service options while preserving our community
Bank is taking a significant step in expanding our community
banking franchise and furthering our strategic goals through
consolidation,” said David A. Bochnowski, chairman and chief
executive officer of Peoples and the Bancorp. “The
merging of our two organizations offers opportunities to create
operating, investment and managerial synergies while offering
First Federal customers a broader menu of traditional and
electronic banking products to meet their needs now and in the
future,” he added.
Bank Executive Vice President and Chief Operating Officer
Benjamin Bochnowski describes the merger as a win-win situation
for all. “We feel that the strong strategic, financial
and cultural fit between Peoples Bank and First Federal creates
value for all our stakeholders,” he said.