Illinois-based Time Bank to acquire Iowa bank

Park Ridge, Ill.-based Time Bank is acquiring Davenport, Iowa-based Northwest Bank & Trust Co. .The acquisition includes $225 million in total assets and liabilities of the $245 million Northwest Bank & Trust. The buy does not include its investment management group or subsidiary companies, Centennial Tax & Accounting, Stratman Solutions and River Cities Development. The Slavens family will continue owning those organizations by forming Tower Trust & Investment Co. .The sale is expected to be completed at the end of the year. ."We are confident that Time Bank, under the ownership and management of the Carter family, shares our values and will be good stewards of what my family has built," said Northwest Bank President and CEO Joe Slavens. "The combination of our organizations will provide more value to our customers and opportunities for our staff because we are bringing together two of the strongest banks in the country to continue to serve the Quad Cities.".Northwest Bank & Trust Executive Vice President Adam Pelzer will join Time Bank as EVP and Quad Cities market president. Northwest Bank & Trust's performance, financial strength and customer service are all exemplary, added Tim Carter, president, CEO and chair of the $470 million Time Bank. "Their family-led culture and deep community ties really stood out to us," he noted. "We look forward to welcoming the Northwest Bank team and working together on the opportunities ahead in the Quad Cities.".Chicago-based Angkor Strategic Advisors served as financial adviser while Chicago-based Barack Ferrazzano Kirschbaum & Nagelberg LLP provided legal counsel to Time Bank. Des Moines-based Dickinson, Bradshaw, Fowler & Hagen, P.C. provided legal counsel to Northwest Bank & Trust's holding company, Northwest Investment Corp.