Park Ridge, IL and Davenport, IA — July 24. 2024 — Time Bank of Park Ridge, Illinois, and Northwest Investment Corp., parent company of Northwest Bank & Trust Company (“Northwest Bank”), based in Davenport, Iowa, jointly announced today that they have entered into a definitive agreement for Time Bank’s purchase of approximately $225 million of total assets and liabilities of Northwest Bank, which has two locations in Davenport, Iowa and one location in Bettendorf, Iowa.
Joe Slavens will continue his involvement as a strategic advisor to Time Bank. Adam Pelzer, currently Northwest Bank’s EVP, will join Time Bank as Executive Vice President and Quad Cities Market President. The transaction is anticipated to be completed in the fourth quarter of 2024, subject to customary closing conditions, including regulatory and shareholder approvals.
Tom Carter, President, CEO & Chairman of Time Bank, said “Northwest Bank’s outstanding performance, customer service, and financial strength are impressive, and their family-led culture and deep community ties really stood out to us. We look forward to welcoming the Northwest Bank team and working together on the opportunities ahead in the Quad Cities.”
“As a family-owned and family-led bank, our business has been built on a foundation of the trusted relationships with our customers and our team,” stated Joe Slavens, Northwest Bank’s President & CEO. “We are confident that Time Bank, under the ownership and management of the Carter family, shares our values and will be good stewards of what my family has built. The combination of our organizations will provide more value to our customers and opportunities for our staff because we are bringing together two of the strongest banks in the country to continue to serve the Quad Cities.”
The transaction does not include the sale of Northwest Bank’s trust and investment management group, which will remain under the ownership and management of the Slavens family through the formation of an Illinois Trust Company named Tower Trust & Investment Company. The transaction also does not include the sale of Northwest Bank’s subsidiary companies which include the award-winning Centennial Tax & Accounting, River Cities Development, which will own the iconic bank towers in Davenport and Bettendorf, and Stratman Solutions, a nationwide provider of financial services software solutions.
“We are excited about the opportunity to join Time Bank, a bank whose culture and ambitions will build upon our foundation of safety and soundness,” stated Pelzer. “This partnership will enhance our capabilities, allowing us to strengthen our customer relationships and enhance our service to the Quad Cities community. Together, we are positioned to be the bank our customers and community deserve. We look forward to continuing to create a positive impact in the region.”
Angkor Strategic Advisors served as financial advisor and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel to Time Bank in connection with the transaction. Dickinson, Bradshaw, Fowler & Hagen, P.C. served as legal counsel to Northwest Investment Corp.
About Time Bank
Time Bank, with approximately $470 million in assets, is recognized as one of the strongest banks in the United States. Family-owned and operated for over 29 years, Time Bank prides itself on agility and simplicity, offering banking services without the bureaucratic complexities of larger banks. Time Bank’s owner-managed structure ensures consistent, high-quality service across the nation, catering to customers’ needs wherever they may be. With a strong financial performance and a commitment to personalized service, Time Bank stands out as a reliable and responsive banking partner. Read more at https://www.time.bank/.
About Northwest Bank & Trust Company
Northwest Bank & Trust Company is a family-led community bank with total assets of approximately $245 million that has served the Quad Cities for over 80 years. Northwest Bank offers a full suite of banking products and services. Northwest Bank provides tailored advice throughout all phases of life and continues to expand the ways it serves its customers. Its affiliates provide trust, investment management and estate planning services, tax and accounting services, and develop software solutions for financial institutions nationwide. Northwest Bank has been consistently recognized as one of the nation’s highest performing banks of its size by CB Resources, Inc. Northwest Bank and its affiliates are recipients of the QCBJ Best of Region, Quad-City Times Best of the Quad Cities, Locals Love Us, and 2023 QCBJ Fastest Growing Company and 2023 Coolest Places to Work. Read more at https://www.northwestbank.com/.