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Financial Advisor

NorthWest Indiana Bancorp

$15.6 Million 02/21/2018 Depository Complete
Public Companies
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Transaction Details

  • On February 21, 2018— Munster, IN-based NorthWest Indiana Bancorp
  • (“NWIN”) (OTCBB: NWIN) and Orland Park, IL-based First Personal Financial Corporation (“First Personal”) jointly announced that they have executed a definitive merger agreement whereby NWIN will acquire First Personal and its wholly-owned subsidiary, First Personal Bank
  • Under the terms of the merger agreement, First Personal shareholders will receive 0.1246 shares of NWIN common stock and $6.67 in cash for each issued and outstanding share of First Personal common stock
  • Based on NWIN’s stock price of $42.80, the stock and cash
  • transaction is valued at approximately $15.6 million
  • Consideration mix: approximately 44% stock / 56% cash ― Price / Tangible Book Value: ~1.34x (1)
  • Transaction naturally extends NWIN’s footprint into the south suburban Chicagoland market
  • The merger is expected to be completed in 3Q’18(2)
Sources: Company filings, SNL Financial and publicly available information.
  1. (1) Includes the impact of the conversion of all outstanding convertible capital instruments into common equity, which is expected to occur prior to closing.

    (2) Subject to approval by bank regulatory authorities and the shareholders of First Personal.
    (3) First Personal highlights based on bank-level data as of December 31, 2017.
    (4) Map pro forma for NWIN’s announced acquisition of First Personal Financial Corporation.

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