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Time Bank Announces Agreement to Acquire Northwest Bank & Trust Company

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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/.

Lock in low rates with the Assumable Rate Conversion (ARC) loan program

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What if you could lock in today’s rates for as long as 20 years? 

ARC LendingIf you own, want to purchase, or want to refinance a commercial building, you don’t have to deal with market rate fluctuations! With interest rates slowly beginning to come off their lows following the onset of COVID-19, now is a great time to lock in a long-term fixed interest rate to hedge against future rate increases. While traditional commercial real estate loans only allow for a 5-year fixed rate, through our long-term fixed rate program, we can potentially lock in your interest rate for up to 20 years!

This program is available for owner and non-owner occupied properties and a wide range of property types, including office, industrial, retail, medical, hospitality, and multi-family, among others. There are many additional perks to the program, as well.

Locking in your rate and avoiding rate changes allows you to maximize your return on investment. If you decide to sell, this product is assumable, meaning it can transfer to the new owner (pending credit approval), so they can keep the rate you locked in. This could be a huge upside to a buyer looking at increased rates in the future and could even make your property worth more because of this option. Additionally, this product is transferable; if you decide to sell, you have the option of simply transferring the loan balance to a new property you already own or plan to acquire.

Another benefit is the prepayment premium. If interest rates rise and you decide to pay the loan off, you would actually receive a prepayment premium. On the flip side, if interest rates were to decrease, you could be subject to a prepayment penalty. While this is a risk, we feel given today’s market conditions and historically low rates, this risk is minimal.

For further information on conditions, terms, and loan types, please contact your Northwest Bank commercial loan officer. Corey or Joe would be happy to talk to you about locking in your low fixed rate today! 

Joe Donahue

Joe Donahue

Vice President ,
Commercial Loan Officer

563.388.2612

jdonahue@northwestbank.com

Corey Martin

Corey Martin

Vice President ,
Commercial Banker & Economic Development Lender

563.388.2505

cmartin@northwestbank.com

Jeff Bloemker

Jeff Bloemker

Vice President ,
Commercial Banker & Economic Development Lender

563.388.2645

jbloemker@northwestbank.com

Brian Duffy Joins Northwest Bank Board

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Brian DuffyJoe Slavens, president & CEO, Northwest Bank & Trust Company announced that Brian Duffy was recently elected to the bank’s board of directors. Duffy is the president and CEO of Per Mar Security Services.

“I’m very happy to have Brian join our board,” stated Slavens.  “He leads a third-generation family business that, like us, delivers services through relationship driven experts.  We share the same values and look forward to leveraging his insights for the benefit of both our customers and team members.”

When asked about joining the board, Duffy responded, “I have always had a lot of respect for Northwest Bank and the Slavens family, and I am honored to have the opportunity to serve on the board of an essential organization in our community.”

Brian Duffy is an active member of numerous security associations locally and nationally. He serves on the board for NetOne and Junior Achievement of the Heartland. In addition, he is active in the Notre Dame Club of the Quad Cities. A native of Davenport, Iowa, Brian Duffy graduated from University of Notre Dame with a Bachelor of Arts in Economics.

About Northwest Bank & Trust Company

Northwest Bank & Trust Company is a family and employee owned community bank that has been part of the Quad Cities for over 75 years. The bank offers a full line of banking products and services for both individuals and businesses. We believe in a synergistic approach to meeting the needs of our customers, so in addition, we have an Investment Management Group that has been assisting clients with trust, investment, and estate planning for over 50 years and currently has over $375 million in assets under management. In 2019, Northwest Bank acquired our first accounting firm. Since that time, we have merged more firms to create Centennial Tax & Accounting, which resides on the 5th floor of the Northwest Bank NorthPark Tower. We also have a software company that develops, markets, and services financial operation software to banks and credit unions across the country.

Celebrating Community Banking Month

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What makes community banking special? 

community banking monthIf the first word that comes to your mind when you think of community banking is “relationships,” you’ve identified the quintessential ingredient that Northwest Bank & Trust Company and community banks across the country take pride in. That ingredient has never been more apparent than over the past year. During the coronavirus pandemic, banks everywhere have reached out to their communities to communicate that they are open for business and ready to serve in a time of need. 

It is what we have always done at Northwest Bank & Trust Company, where our focuses exclusively remain on delivering the products and services our customers want, while our local roots and accountability ensure our interests remain tied to our Quad Cities neighbors.

At Northwest Bank, we work with our customers to help them realize their financial dreams, whether opening a business, purchasing a home, or planning for retirement. And we nurture our community by donating time and money to important causes and contributing tax dollars that help maintain local municipalities—all of which helps keep local neighborhoods viable and vibrant.

We work hard to stay attuned to the needs of this community and relevant to our customers by remaining on their corner and in their corner. This dedication to creating healthy, strong communities has helped the community banking industry flourish and maintained our well-earned reputation as true relationship lenders. 

Here are the facts:

  • Community banks are economic first responders, processing more than 57 percent or 2.8 million loans as part of the Small Business Administration’s Paycheck Protection Program, saving an estimated 33.7 million jobs.
  • Community banks outpace large banks in their average number of banks operating in both rural and urban markets by a 3:1 ratio.
  • Community banks are preferred small business lenders, with a 73 percent net satisfaction score, compared with 58 percent for large banks and 37 percent for online lenders.
  • Community banks have consistently demonstrated their safety and soundness with higher capital ratios and better loan quality than the largest financial institutions.
  • Community banks operate in areas abandoned by others—serving as the only physical banking presence in nearly one in three counties.
  • Community banks focus a relatively large share of their resources on low- and moderate-income tracts.

But it is not just about stats. When customers contact Northwest Bank, they are greeted by a talented team member who is attuned to their needs and empowered to act on their behalf.

And when our employees participate in annual donation drives for United Way or when Northwest Bank contributed over $80,000 in the past year to local organizations, we are working toward our goal to ensure economic prosperity for the community we call home. In the Paycheck Protection Program round one, we were the leading loan contributor in the QCA for our size, providing 6.7 times more loans to local businesses than any other bank or credit union in the area. That’s 6.7 more jobs protected, just another advantage of a community bank partner.

In an era where bigger is not always better, high-tech does not necessarily equate to high touch, and what we think of as “normal” is in flux, we at Northwest Bank & Trust Company pledge to never lose sight of the all-important “relationship” and the personalized service our customers expect. It has been integral to our success for almost 80 years and is how we will continue to build a legacy that endures.