Overview
The BFKN Financial Institutions Group served as legal counsel to Time Bank, in its definitive asset purchase and assumption agreement with Northwest Bank & Trust Company (“Northwest Bank”), whereby Time Bank will acquire Northwest Bank’s banking operations. This strategic transaction marks a significant milestone in Time Bank’s ongoing commitment to providing quality banking services to the communities it serves, and positions Time Bank for expansion into the Iowa market.
Established in 1995, Time Bank is a community bank with approximately $470 million in assets as of June 30, 2024. It operates through multiple branches located in Park Ridge, Illinois, and other locations across the state
Tom Carter, President, CEO & Chairman of Time Bank, stated, “We are excited about the addition of Northwest Bank, which has been a fixture of the Quad Cities community for many years. Time Bank looks forward to this opportunity to serve a new market and is committed to ensuring a seamless transition for the Northwest Bank staff and customers. Over the last three decades, Time Bank has established a tradition of investing in our communities and building strong customer relationships by providing personalized service with integrity and respect. Time Bank is delighted to be providing that same level of care and commitment to the Northwest Bank customers while also offering new products and services tailored to meet their needs.”
BFKN’s legal team was led by partner Abdul R. Mitha and associate Zoe Xiuha Uvin. Executive compensation and benefits were handled by partner Michael J. Poland as well as associates Corwin J. Carr and Alex Freund. Real estate matters were handled by partner Janelle M. Savage.
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