NorthWest Indiana Bancorp, Muncie, Ind., announced its wholly-owned subsidiary, Peoples Bank SB, has converted from an Indiana-chartered stock savings bank to an Indiana-chartered commercial bank.
The charter conversion became effective following the close of business on May 22. The converted bank will operate under the name Peoples Bank
The charter conversion will permit the Peoples Bank to compete more effectively with other commercial banks in its market area, the holding company said in a statement. It will also help the bank convey its brand as a “dynamic community banking financial institution” offering a wide array of products and services.
The bank reported net income of $3.2 million in the first quarter of 2020, up from $2.2 million a year prior. The $970 thousand (43.7 percent) increase primarily came from higher non-interest income and lower non-interest expense, the company said. First quarter return on average assets was 0.97 percent and return on average equity was 9.38 percent.