Acquisition Activity |
3 Months Ended | |
|---|---|---|
Mar. 31, 2016 | ||
| Business Combinations [Abstract] | ||
| Business Combination Disclosure [Text Block] |
Note 3 Acquisition Activity
On March 20, 2015, the Bancorp announced that the Bank signed a definitive agreement to acquire Liberty Savings Bank, FSB (“Liberty”), a federally chartered mutual savings association based in Whiting, Indiana, with three branch offices in Lake County Indiana. On July 1, 2015, the Bank successfully completed the acquisition of Liberty by merging Liberty with and into the Bank immediately following Liberty’s voluntary supervisory conversion to stock form. The Bank did not issue or pay any shares, cash, or other consideration in the merger. The Liberty acquisition added assets with fair values of $57.3 million, including securities with a fair market value of $8.1 million, loans receivable with a fair market value of $28.0 million, and premises and equipment with a fair value of $1.3 million. The Liberty acquisition also added liabilities with a fair market value of $57.9 million, including deposits with a fair market value of $56.2 million and an accrued withdrawal liability for the defined benefit plan with a fair market value of $1.5 million. As a result of the differences in the fair value of assets and liabilities, goodwill of $573 thousand and intangible assets of $471 thousand were also added. The acquisition further expands the Bank’s retail banking network in Lake and Porter Counties in Northwest Indiana. The Bank consolidated the Schererville offices of Liberty and Peoples Bank due to their proximity, resulting in a total of 16 Banking Centers for the Bank. The integration of Liberty into the Peoples Bank brand was completed during the third quarter ended September 30, 2015. |