Update: The deal announced in March 2018 has been completed.
March 8, 2018 - Peoples Bank Press Release
First Personal Financial Corp. & Northwest Indiana Bancorp Announce Definitive Merger Agreement
The Barack Ferrazzano Financial Institutions Group is acting as legal counsel to First Personal Financial Corp. (privately held, “First Personal”), a bank holding company headquartered in Orland Park, IL, in a definitive agreement with NorthWest Indiana Bancorp (OTCBB: NWIN)(“NWIN”) wherein NWIN will acquire First Personal and its wholly-owned subsidiary First Personal Bank in a stock and cash transaction.
Shareholders of First Personal, the assets of which total $147 million, will receive .01246 shares of NWIN’s common stock and $6.67 in cash for each issued and outstanding share of First Personal common stock. Based on NWIN’s closing stock price as of February 20, 2018, the merger has an aggregate value of approximately $15.6 million.
The merger is expected to be completed in the third quarter of 2018, subject to customary closing conditions including approval by bank regulatory authorities and the shareholders of First Personal. Additionally, First Personal will be merged into NWIN’s subsidiary, Peoples Bank SB, and the combined operations will continue under the Peoples Bank name. First Personal CEO Randy Schwartz will continue with the company until the end of the year to assist with the integration.
Barack Ferrazzano’s team was led by John E. Freechack and Abdul R. Mitha. Executive compensation and benefits were handled by Andrew K. Strimaitis and K.C. Klagos.
First Personal Financial Corp.
First Personal Financial Corp. is a bank holding company headquartered in Orland Park, Illinois. First Personal’s bank subsidiary, First Personal Bank, has three branch offices in Chicago, Orland Park and Lemont, Illinois. Information about First Personal Bank’s products and services can be found on its website, www.firstpersonalbank.net.
Barack Ferrazzano Financial Institutions Group
Our 30-attorney Group has represented more than 250 financial institutions across the country. Our M&A experience is unparalleled—over the past decade, our Group ranked #1 in the Midwest region by number of announced bank and thrift merger and acquisition transactions, according to S&P Global Market Intelligence. The Financial Institutions Group was again named as one of the top financial institution groups in the nation in the U.S. News & Best Lawyers 2018 report.