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.