Finward Bancorp | Stephens

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Financial Advisor and Fairness Opinion

Finward Bancorp

$53 Million 07/29/2021 Depository Complete
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Transaction Details

  • On July 29, 2021, Finward Bancorp (“Finward”) announced that it has entered into a definitive merger agreement to acquire Royal Financial, Inc. (“Royal”)
  • Under the terms of the definitive merger agreement, stockholders of Royal who hold 101 or more shares of Royal common stock will have the right to elect to receive $20.14 per share in cash or 0.4609 shares of Finward common stock, or a combination of both, for each outstanding share of Royal common stock, subject to allocation provisions to assure that, in the aggregate, 65% of Royal’s outstanding shares of common stock will receive Finward common stock and 35% will receive cash(1).
  • One current director or executive officer of Royal, as mutually agreed upon, shall be appointed to Finward’s Board of Directors
  • The transaction is expected to close in the first quarter of 2022

About the company

Finward Bancorp
Finward Bancorp is a locally managed and independent financial 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 22 locations in Lake and Porter Counties in Northwest Indiana and South Chicagoland. Finward Bancorp’s common stock is traded on the OTC Pink Marketplace under the symbol FNWD. The website provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

Royal Financial, Inc.
Royal Financial, Inc. is a bank holding company headquartered in Chicago, Illinois. RYFL’s subsidiary, Royal Savings Bank, is a retail customer-oriented institution, operating from its main office in Chicago, Illinois, and eight branch offices in Chicago, Illinois, whose primary business activity is the origination of one- to four-family and commercial real estate loans funded with a variety of consumer deposit accounts. Information about Royal Savings Bank’s products and services can be found on its website,

Sources: Company Documents, S&P Global Market Intelligence and publicly available information
  1. This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.

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