NorthWest Indiana Bancorp | Stephens

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Financial Advisor

NorthWest Indiana Bancorp

$34.6 Million 07/31/2018 Depository Complete
Public Companies
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Transaction Details

  • On July 31, 2018 — Munster, IN-based NorthWest Indiana Bancorp (“NWIN”) (OTCBB: NWIN) and Midlothian, IL-based AJS Bancorp, Inc. (“AJSB”) (OTC PINK: AJSB) jointly announced that they have executed a definitive merger agreement whereby NWIN will acquire AJSB and its wholly-owned subsidiary, A.J. Smith Federal Savings Bank
  • Under the terms of the merger agreement, AJSB shareholders will receive 0.2030 shares of NWIN common stock and $7.20 in cash for each issued and outstanding share of AJSB common stock
  • Based on NWIN’s closing stock price of $43.00 as of July 30, 2018, the stock and cash transaction is valued at approximately $34.6 million(1)
  • Consideration mix: approximately 55% stock / 45% cash
  • Price / Tangible Book Value: 1.09x
  • Transaction strengthens NWIN’s growing footprint in the south suburban Chicagoland market, adds $143.8 million in core deposits, and represents the second Chicagoland acquisition announced or closed by NWIN this year
  • The merger is expected to be completed early in the first quarter of 2019(2)
Sources: Company filings, SNL Financial and publicly available information.
  1. (1)Transaction value includes unallocated shares held by the AJSB Employee Stock Ownership Plan (“ESOP”), some of which will be cancelled at closing in order to satisfy the ESOP’s outstanding loan balance.

    (2)Subject to approval by bank regulatory authorities and the shareholders of AJSB.

    (3)Merger multiples based on consolidated financials as of June 30, 2018.

    (4)Based on NWIN’s closing stock price as of July 30, 2018 per the definitive agreement.

    (5)Financial impact of NWIN at estimated closing (EPS accretion excludes one-time deal related charges).

    (6)AJSB highlights based on consolidated financials as of June 30, 2018.

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