|
Acquisition Activity
|
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2015
|
||
| Business Combinations [Abstract] | ||
| Business Combination Disclosure [Text Block] |
Note 3 Acquisition Activity
On March 20, 2015, NorthWest Indiana Bancorp announced that the Bank signed a definitive agreement (the “Agreement”) to acquire Liberty Savings Bank FSB (“Liberty”), a federally chartered mutual savings bank based in Whiting, Indiana. The Bank will acquire Liberty by merging Liberty with and into the Bank immediately following Liberty’s voluntary supervisory conversion to stock form. The Bank will not issue or pay any shares, cash, or other consideration in the merger. The Agreement sets forth the terms and conditions of the Banks’ acquisition of Liberty.
The Bank’s acquisition of Liberty is subject to customary closing conditions, including regulatory approvals by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Indiana Department of Financial Institutions. No approval of the members of Liberty is required for the transaction.
The Bank and Liberty make certain customary representations and warranties in the Agreement, including representations and warranties by Liberty concerning the assets and liabilities to be transferred to and assumed by the Bank. Those representations and warranties will terminate at the closing.
If the transaction contemplated by the Agreement is not consummated by July 1, 2015, the Agreement will terminate, unless the date is extended by mutual written consent of the parties. The Bank anticipates that the transaction will close in the third quarter of 2015.
Liberty has a home office and two branch offices in Lake County, Indiana. As of December 31, 2014, Liberty reported total assets of $58.9 million, total loans of $30.8 million, and total deposits of $55.1 million. The combined bank is expected to have approximately $842.9 million in assets, $534.0 million in loans, and $699.2 million in deposits. The acquisition will expand the Bank’s banking center network into Whiting and Winfield, Indiana.
|