Exhibit
99.1
FOR
IMMEDIATE RELEASE
|
FOR
FURTHER INFORMATION
|
December
14, 2009
|
Contact
David A. Bochnowski
|
|
219-853-7575
|
NorthWest Indiana Bancorp Declares
Fourth Quarter Dividend
Munster, Indiana—The NorthWest Indiana
Bancorp, the parent company for Peoples Bank, announced today that on December
11, 2009, the Board of Directors of the Bancorp declared a dividend of $0.21 per
share, as compared to $0.32 per share for the prior quarter. The
dividend is payable on January 6, 2010 to shareholders of record as of December
28, 2009.
“The Board is very pleased to continue
to pay a cash dividend despite the ongoing challenges of the
economy. In taking action to reduce our dividend, the Board also
recognizes that maintaining a strong capital position is essential in the
banking sector,” said David A. Bochnowski, Chairman and Chief Executive
Officer.
“The economic storm that has depressed
asset prices has created a new capital reality. In today’s
market, investors have focused on capital as the driving force in the creation
of shareholder and franchise value,” Bochnowski said.
Bochnowski noted that the Bancorp and
Peoples Bank continue to be designated as well capitalized under all applicable
regulatory standards. “The underlying operation of the bank continues
to be strong as demonstrated by our core earnings and efficient cost controls,”
Bochnowski said.
“The Board of Directors remains
committed to a strategy designed to take full advantage of opportunities for
smart growth consistent with prudent resource management. As the economy
improves and asset values rebound, the Board will review our dividend policy and
continue to take the appropriate action based upon business conditions,”
Bochnowski said.
The NorthWest Indiana Bancorp’s common
stock is traded on the OTC Bulletin Board under NWIN. The
Bancorp’s subsidiary, Peoples Bank, has offices in Crown Point, Dyer, East
Chicago, Gary, Hammond, Hobart, Merrillville, Munster, Schererville, and
Valparaiso, Indiana. The Bank’s website, www.ibankpeoples.com,
provides information on the Bank’s products, services and investor
relations.
“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 resulting from the current turmoil in the
financial services industry, including depressed demand in the housing market,
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, 2008. 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.