Peoples Bank has completed its previously announced acquisition of AJ Smith Federal Savings Bank.

The acquisition further bolsters Peoples Bank’s retail banking presence in the South Suburban Chicagoland. Now it has 22 banking centres across the region.

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AJ Smith Federal Savings Bank acquisition

In July last year, Peoples Bank parent-company NorthWest Indiana Bancorp (NWIN) signed the agreement to acquire AJS Bancorp, the holder of AJ Smith Federal Savings Bank.

As per the terms of the cash and stock transaction, AJS Bancorp stockholders with more than 100 shares received 0.2030 shares of NWIN’s common stock and $7.20 in cash for each share. The transaction was valued at nearly $34.6m.

NWIN president and CEO Benjamin Bochnowski said: “As we finalise the merger with AJ 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.

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“Many people commute daily across the state line and, as a community bank, we are uniquely positioned to help our customers be more successful.”

Following the acquisition, NWIN now have nearly $1.2bn in consolidated assets, $853m in loans and $1.1bn in deposits.

The integration of the two banks is expected to be completed by the second quarter of this year.

AJS Bancorp president, CEO and CFO Jerry Weberling 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.

“The core values embodied in their mission statement to help customers and communities be more successful are shared by our company and employees.”