Time Bank in Park Ridge, Ill., has agreed to buy Northwest Investment Corp. in Davenport, Iowa.
The $470 million-asset Time said in a press release that it expects to buy the parent of the $225 million-asset Northwest Bank & Trust in the fourth quarter. The price wasn’t disclosed.
Northwest has three branches.
Joe Slavens, Northwest’s president and CEO, will become a strategic adviser to Time Bank. Adam Pelzer, Northwest’s executive vice president, will join Time as Quad Cities market president.
“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,” Tom Carter, Time Bank’s chairman, president and CEO, said in the release.
Northwest’s trust and investment management group will remain under the ownership and management of the Slavens family through the creation of Tower Trust & Investment, an Illinois trust company.
The transaction also excludes Northwest’s subsidiary companies, including Centennial Tax & Accounting, River Cities Development and Stratman Solutions.
Angkor Strategic Advisors and Barack Ferrazzano Kirschbaum & Nagelberg advised Time Bank. Dickinson, Bradshaw, Fowler & Hagen advised Northwest Investment.