Indiana merger pushes bank past $1 billion

Peoples Bank SB, Munster, Ind., has completed its acquisition of First Personal Bank, Orland Park, Ill. Peoples Bank now stands at $1.1 billion with 19 branches. The deal gives Peoples a push in south Chicago. The integration of First Personal into the Peoples Bank brand will be completed during the third quarter of 2018.

“Closing on this acquisition represents an important strategic step for Peoples Bank,” said Benjamin Bochnowski, Peoples’ president and CEO.  

Randy Schwartz, president and chief executive officer of First Personal Bank, has been named Chicagoland market president at Peoples, with responsibilities in community involvement and business development.

In addition to the acquisition, Peoples is counting on organic growth in 2018.

“Financial performance was very strong during the first half of the year, driven primarily by excellent operating results,” Bochnowski told investors in July. “While we do expect continued acquisition expenses in the second half of the year related to the integration of First Personal, the underlying results provide a substantial foundation for the performance we expect from a fully integrated bank.”