Time Bank Completes Acquisition of Northwest Bank & Trust Company
Park Ridge, IL and Davenport, IA — December 31, 2024 —
Time Bank of Park Ridge, Illinois, today announced the successful completion of its acquisition 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.
“We are pleased to announce the successful completion of this acquisition” said Tom Carter, President, CEO & Chairman of Time Bank. “We are thrilled to welcome Joe Slavens, Adam Pelzer, and the Northwest Bank team and look forward to working together on the opportunities ahead in the Quad Cities.
“We are excited to join Time Bank, a bank whose culture and ambitions will build upon our foundation of safety and soundness,” stated Pelzer. “This partnership enhances 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.”
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.
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, now with approximately $700 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.
Personal Banking
There’s no such thing as one-size-fits-all banking. That’s why Northwest Bank & Trust Company offers a variety of accounts designed to fit your specific needs. When opening an account at Northwest Bank, you have the benefit of a leading financial services company with 80 years of experience and our employee-owners putting your interests first.
Personal Checking
Our flexible checking options come with added benefits such as competitive interest rates and convenient banking services.
Personal Savings
We offer a variety of savings products to help you reach your financial goals. Choose an account that works for you!
Loans & Credit
Enjoy a range of borrowing power with our loan and credit card options plus an experienced banker on your side.
Testimonials
Partnering for Long-Term Success
"We have been Northwest Bank business customers for over eight years now and are so happy we chose to partner with them. The last two years have been tough on our industry, and the bank staff have always been available to help us navigate various financial hurdles. It is also important to us to align with a locally owned bank that is active in the community. We look forward to continuing our strong relationship for years to come!"
The Collins / Maus Family
Me & Billy
A Bank that Understands Economic Development
"I have done loans with a lot of different banks throughout my career, but what really set this one apart is the unique relationship ... Keystone on 8th was a particularly complicated deal with a lot of obstacles to overcome. Northwest Bank had a team of people working to bring it to the finish line. It was a great collaboration. I felt like the bank wanted the project to happen as much as I did."
Joe Cordaro, President
JGC Holdings
It’s About the Relationship
"I appreciate that Northwest Bank offers us a full-service, one stop experience. But where it really goes above and beyond is the people. The people at Northwest Bank have taken the time to get to know our business and understand what we do. The fact that we’re working with local bankers who we can sit down with and explain our needs and corporate vision is a huge advantage."
Business Banking
Northwest Bank proudly supports and partners with Quad Cities small businesses, offering products are services customized to your specific business needs. From checking and savings, to loans and cash management tools, we’re here to provide solutions that work as hard as you do.
Business Checking
Business banking shouldn’t be a hassle, which is why our checking accounts are designed to make your banking fast and easy.
Business Savings
With a variety of savings options suited to the specific needs of your small business or company, we will make sure you’re set up for long-term success.
Commercial Loans & Credit
Our team of lenders is ready to provide local lending decisions and flexible commercial financing options to meet your needs.
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