First Federal will soon be Peoples Bank
We're excited to share the news that the merger of First Federal Savings &
Loan Association of Hammond with Peoples Bank has received regulatory approval and has
been successfully completed.
First Federal has joined Peoples Bank, adding the two former First Federal offices
in Hammond and Highland to their Banking Center network. The new locations are targeted to be
functional and open for business as Peoples' Banking Centers on July 21, offering a full menu of
traditional and electronic products and services. Until then,
First Federal products are still available and locations remain open for business as usual.
The official press release announcing the completion of the merger is shown
April 1st, 2014
Munster, Indiana - 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
"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,"
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 investor
"Forward-looking statements" as defined in the Private Securities Litigation
Reform Act of 1995 may be included in this release. A variety of factors could cause the
Bancorp's actual results to differ from those expected at the time of this release.
These include, but are not limited to, changes in economic conditions in the Bancorp's
market area, changes in policies by regulatory agencies, fluctuation in interest rates,
demand for loans in the Bancorp's market area, economic conditions in the financial
services industry, competition and other risks set forth in the Bancorp's reports filed
with the Securities and Exchange Commission, including its Annual Report on Form 10-K
for the year ended December 31, 2013. Readers are urged to carefully review and consider
the various disclosures made by the Bancorp in its periodic reports filed with the
Securities and Exchange Commission. Forward-looking statements speak only as of the date
they are made, and the Bancorp undertakes no obligation to update them in light of new
information or future events.