NorthWest Indiana Bancorp (OTC Pink: NWIN) (“NWIN”), the parent of
Peoples Bank SB (“Peoples Bank”), announced today that it has
successfully completed the previously announced acquisition of AJS
Bancorp, Inc. (OTC Pink: AJSB) (“AJS Bancorp”) and its wholly-owned
federally chartered savings bank subsidiary, A.J. Smith Federal Savings
Bank (“A.J. Smith”), of Midlothian, Illinois, in a stock and cash
transaction. Simultaneous with the acquisition of AJS Bancorp by NWIN,
A.J. Smith merged with and into Peoples Bank.
Under the terms of the merger agreement, stockholders of AJS Bancorp who
hold 100 or more shares of AJS Bancorp common stock will receive 0.2030
shares of NWIN’s common stock and $7.20 in cash for each share of AJS
Bancorp common stock. Stockholders of AJS Bancorp holding less than
100 shares of AJS Bancorp common stock will receive $16.00 in cash and
no stock consideration for each share of AJS Bancorp common stock.
With the completion of the acquisition, NWIN will have approximately
$1.2 billion in consolidated assets, $853 million in loans and $1.1
billion in deposits. The acquisition will further expand Peoples Bank’s
retail banking network in the South Suburban Chicagoland market,
bringing the total number of full-service Banking Centers to 22. The
integration of A.J. Smith into the Peoples Bank brand will be completed
during the second quarter of 2019.
“As we finalize the merger with A.J. Smith, Peoples Bank continues to
fulfill our strategic vision. Our footprint has expanded to better serve
the banking needs of South Suburban Chicagoland and Northwest Indiana.
Many people commute daily across the state line and, as a community
bank, we are uniquely positioned to help our customers be more
successful. That is our mission, and we are excited not just about
growing, but about better serving our customers and our communities,”
said Benjamin Bochnowski, president and chief executive officer.
“Customer service is imperative to the success of any merger, and I look
forward to working with Jerry Weberling, chief executive officer at A.J.
Smith, to ensure a seamless transition. Key customer-facing A.J. Smith
employees will be joining Peoples Bank in order to help maintain the
relationships that are essential to community banking. With our joint
scale and reach, we feel that the combined organizations will better
serve customers and create more value for all of our stakeholders – our
shareholders, our employees, our customers, and the communities we
serve,” Bochnowski said.
“I am very excited that we are now part of Peoples Bank and believe this
partnership will be an excellent one for our customers, employees and
communities,” said Jerry A. Weberling, chief executive officer,
president, and chief financial officer of AJS Bancorp. “The core values
embodied in their mission statement to help customers and communities be
more successful are shared by our company and employees. I look forward
to the coming enhancements to our product and service offerings and
expansion of the banking network and delivery channels in the second
quarter of this year.”
NorthWest Indiana Bancorp was advised by Stephens Inc. and Barnes &
Thornburg LLP as legal counsel. AJS Bancorp, Inc. was advised by, and
received a fairness opinion from, Keefe Bruyette & Woods, Inc., and was
advised by Luse Gorman, PC as legal counsel.
About NorthWest Indiana Bancorp
NorthWest Indiana Bancorp is a locally managed 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 19 locations in Northwest Indiana and South Suburban Chicagoland.
NorthWest Indiana Bancorp’s common stock is traded on the OTC Bulletin
Board and the OTC Pink Marketplace under the symbol NWIN. The website
ibankpeoples.com provides information on Peoples Bank’s products and
services, and NorthWest Indiana Bancorp’s investor relations.
This press release may contain forward-looking statements regarding the
financial performance, business prospects, growth and operating
strategies of NWIN. For these statements, NWIN claims the protections of
the safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Statements in this
communication should be considered in conjunction with the other
information available about NWIN, including the information in the
filings NWIN makes with the Securities and Exchange Commission.
Forward-looking statements provide current expectations or forecasts of
future events and are not guarantees of future performance. The
forward-looking statements are based on management’s expectations and
are subject to a number of risks and uncertainties. Forward-looking
statements are typically identified by using words such as “anticipate,”
“estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar
expressions in connection with any discussion of future operating or
Although management believes that the expectations reflected in such
forward-looking statements are reasonable, actual results may differ
materially from those expressed or implied in such statements. Risks and
uncertainties that could cause actual results to differ materially
include: difficulties and delays in integrating NWIN’s and AJS Bancorp’s
businesses or fully realizing cost savings and other benefits; business
disruption following the merger; changes in asset quality and credit
risk; the inability to sustain revenue and earnings growth; changes in
interest rates and capital markets; inflation; customer acceptance of
NWIN’s and AJS Bancorp’s products and services; customer borrowing,
repayment, investment, and deposit practices; customer
disintermediation; the introduction, withdrawal, success, and timing of
business initiatives; competitive conditions; the inability to realize
cost savings or revenues or to implement integration plans and other
consequences associated with mergers, acquisitions, and divestitures;
economic conditions; and the impact, extent, and timing of technological
changes, capital management activities, and other actions of the Federal
Reserve Board and legislative and regulatory actions and reforms.
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