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NorthWest Indiana Bancorp has officially changed its name to Finward Bancorp effective May 24, 2021, with trading under the new ticker symbol FNWD starting on the same date. This name change, approved by shareholders on March 3, 2021, reflects the company's growth and expansion into South Suburban Chicagoland. Shareholders do not need to exchange existing stock certificates, as they remain valid post-change. Finward Bancorp operates primarily through Peoples Bank, offering various financial services across 22 locations.
NorthWest Indiana Bancorp reported a net income of $4.7 million, or $1.35 per share, for Q1 2021, representing a 46.6% increase from Q1 2020. The growth in income was attributed to higher non-interest income and lower interest expenses. Total assets rose by $60.7 million, with a notable increase in interest-earning assets driven by the Paycheck Protection Program. The return on average assets (ROA) was 1.22%, and the return on average equity (ROE) was 12.30%. The Bancorp also filed an application for NASDAQ listing on April 20, 2021.
NorthWest Indiana Bancorp (NWIN) has applied to list its common stock on the NASDAQ Capital Market. The application, submitted through the NASDAQ Listing Center, indicates that all fees have been paid, and a listing analyst has been assigned to assist in the process. The Bancorp believes it meets the necessary criteria for listing, which includes financial and liquidity requirements.
Upon approval, the company plans to rebrand under the name Finward Bancorp and utilize the ticker symbol FNWD. A decision on the application is expected by the end of May 2021.
NorthWest Indiana Bancorp has announced a dividend of $0.31 per share, payable on April 8, 2021, with a record date of March 26, 2021. The company, operating as a financial holding entity for Peoples Bank, serves customers in Northwest Indiana and South Chicagoland. The bank offers various financial services through its 22 locations.
Forward-looking statements warn of risks including the effects of the COVID-19 pandemic impacting financial performance and regulatory requirements.
NorthWest Indiana Bancorp (NWIN) announced plans to change its name to Finward Bancorp, pending shareholder approval at a Special Meeting on March 3, 2021. This rebranding reflects the company's growth beyond its original Northwest Indiana market, extending into South Suburban Chicagoland. The new name aims to symbolize a forward-looking approach in financial services and is designed to enhance market competitiveness. Alongside the name change, the company intends to apply for a new ticker symbol, FNWD, with trading expected to begin shortly after the approval date.
