Attached files
| file | filename |
|---|---|
| 8-K - Finward Bancorp | v197363_8k.htm |
Exhibit
99.1
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For
Immediate Release
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For
Further Information
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September
23, 2010
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Contact
David A. Bochnowski at 219-853-7575
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NorthWest
Indiana Bancorp Declares Third Quarter Dividend
Munster, Indiana---The NorthWest
Indiana Bancorp, the parent company for Peoples Bank, today announced that the
Board of Directors of the Bancorp declared a dividend of $0.15 per share, as
compared to $0.21 per share for the prior quarter. The dividend is
payable on October 8, 2010 to shareholders of record on October 4,
2010.
“Our
Board continually reviews our dividend policy consistent with business
conditions,” said David A. Bochnowski, Chairman and Chief Executive
Officer. “The Board has determined that the long term interests of
shareholders are best served through the preservation of capital in these
challenging economic times.”
According
to Bochnowski, “The extended downturn of the economy continues to exert pressure
on bank capital which the markets consider a key driver of shareholder and
franchise value.” He also noted that regulatory standards for bank
capital are rising and the new reality will require banks in the future to hold
higher levels of capital.
Bochnowski went on to say that the
Bancorp and Peoples Bank remain well capitalized under all applicable regulatory
standards. He also observed that the Bank’s core earnings and
operating efficiency continue to out-pace industry results.
“The Board is committed to the
long-term strength of the Bank and will continue to take prudent action to build
a capital position that supports our ability to expand our traditional and
electronic banking services to our ever-expanding customer base,” Bochnowski
said.
The
NorthWest Indiana Bancorp’s common stock is traded on the OTC Bulletin Board
under NWIN. The Bancorp’s subsidiary, Peoples Bank, has offices
in Crown Point, Dyer, East Chicago, Gary, Hammond, Hobart, Merrillville,
Munster, Schererville, and Valparaiso, Indiana. The Bank’s website,
www.ibankpeoples.com,
provides information on the Bank’s products, services and 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 resulting from the current turmoil in the
financial services industry, including depressed demand in the housing market,
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, 2009. 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.