Northwest Bank & Trust has new owners

Northwest Bank in Davenport and Bettendorf has a new owner.

Time Bank of Park Ridge, Ill. and Northwest Investment Corp., parent company of Northwest Bank & Trust Company (“Northwest Bank”), based in Davenport announced that they have entered into an agreement for Time Bank to buy about $225 million in total assets and liabilities of Northwest Bank, which has two locations in Davenport and one location in Bettendorf.

Joe Slavens will remain on board as a strategic advisor to Time Bank. Adam Pelzer, Northwest Bank’s current EVP, will join Time Bank as Executive Vice President and Quad Cities Market President. The sale is expected to be completed in the fourth quarter of 2024, subject to customary closing conditions such as regulatory and shareholder approvals.

“As a family-owned and family-led bank, our business has been built on a foundation of the trusted relationships with our customers and our team,” said Joe Slavens, Northwest Bank’s president and CEO. “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. 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’s outstanding performance, customer service and financial strength are impressive, and their family-led culture and deep community ties really stood out to us,” said Tom Carter, president, CEO and chairman of Time Bank. “We look forward to welcoming the Northwest Bank team and working together on the opportunities ahead in the Quad Cities.”

The business deal doesn’t include the sale of Northwest Bank’s trust and investment management group, which will stay under the ownership and management of the Slavens family by forming an Illinois Trust Company named Tower Trust & Investment Company. The transaction also doesn’t include the sale of Northwest Bank’s subsidiary companies, including Centennial Tax & Accounting; River Cities Development, which will own the bank towers in Davenport and Bettendorf, and Stratman Solutions, a nationwide provider of financial services software solutions.

“We are excited about the opportunity to join Time Bank, a bank whose culture and ambitions will build upon our foundation of safety and soundness,” said Pelzer. “This partnership will enhance our capabilities, allowing us to strengthen our customer relationships and enhance our service to the Quad Cities community. Together, we are positioned to be the bank our customers and community deserve. We look forward to continuing to create a positive impact in the region.”

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