April 25, 2014
Munster, Indiana - NorthWest Indiana Bancorp (the "Bancorp"), the holding company for Peoples Bank (the "Bank"), announced today that the Board of Directors has authorized the repurchase of up to 50,000 shares of the Bancorp's common stock, which represents approximately 1.8% of the total shares outstanding.
"Our Board believes that at current prices the Bancorp's stock is a very attractive investment for the corporation," said David A. Bochnowski, chairman and chief executive officer.
The Bancorp's Board believes that repurchasing its common stock would benefit the Bancorp and its shareholders by enhancing the potential for growth in earnings per share for the remaining outstanding shares. Under the stock repurchase plan, the Bancorp's management is authorized to repurchase, from time to time and subject to market conditions, shares of its outstanding common stock in the open market, in block trades, or in private transactions.
The newly authorized stock repurchase plan replaces a stock repurchase plan previously authorized by the Board. Under the prior stock repurchase plan, the Bancorp had completed the repurchase of 43,812 shares of the 50,000 shares authorized, or approximately 1.5% of the outstanding common stock of the Bancorp, at an average price of $22.64 per share.
About NorthWest Indiana Bancorp
NorthWest Indiana Bancorp is a locally owned and independent bank holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business and wealth management financial services from its 14 locations in Lake and Porter Counties in Northwest Indiana. NorthWest Indiana Bancorp's common stock is traded on the OTC Bulletin Board under the symbol NWIN. The website ibankpeoples.com provides information on Peoples Bank's products and services, and NorthWest Indiana Bancorp's investor relations.
"Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this release. A variety of factors could cause the Bancorp's actual results to differ from those expected at the time of this release. These include, but are not limited to, changes in economic conditions in the Bancorp's market area, changes in policies by regulatory agencies, fluctuation in interest rates, demand for loans in the Bancorp's market area, economic conditions in the financial services industry, competition and other risks set forth in the Bancorp's reports filed with the Securities and Exchange Commission, including its Annual Report on form 10-K for the year ended December 31, 2013. Readers are urged to carefully review and consider the various disclosures made by the Bancorp in its periodic reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Bancorp undertakes no obligation to update them in light of new information or future events.
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