NorthWest Indiana Bancorp (NWIN), the owner of Peoples Bank, has wrapped up the previously announced acquisition of First Personal Financial and its wholly-owned subsidiary First Personal Bank, of Orland Park in Illinois.
Along with the acquisition of First Personal by NWIN, First Personal Bank also merged with and into Peoples Bank.
As a result of the transaction, Peoples Bank will now have nearly $1.1bn in assets, $745.1m in loans and $947.7m in deposits.
The deal is expected to further expand the acquirer’s retail banking network into the South Suburban Chicagoland market, bringing the total number of full-service Banking Centers to 19.
The merger of First Personal into the Peoples Bank brand is scheduled to be concluded in the third quarter of 2018.
Peoples Bank president and CEO Benjamin Bochnowski said: “Closing on this acquisition represents an important strategic step for Peoples Bank as we enter the South Suburban Chicagoland market. I look forward to working with Randy Schwartz, president and CEO of First Personal Bank, as he joins the Peoples team and helps us continue to create value for all of our stakeholders.
“The combined organisation remains committed to building strong customer relationships and helping the customers and communities we serve be more successful.”
First Personal Bank president and CEO Randy Schwartz has been appointed as Chicagoland Market President at Peoples.