Benzinga | Dec 29, 2021 08:05AM EST

Finward Bancorp And Royal Financial, Inc. Announce Receipt Of Regulatory Approvals And Election Deadline

MUNSTER, Ind. and CHICAGO, Dec. 29, 2021 (GLOBE NEWSWIRE) -- Finward Bancorp (NASDAQ:FNWD) (the "Bancorp" or "Finward"), the holding company for Peoples Bank, and Royal Financial, Inc. (OTCQX:RYFL) ("Royal Financial"), the holding company for Royal Savings Bank, today jointly announced that the Indiana Department of Financial Institutions has approved the proposed merger of Royal Savings Bank with and into Peoples Bank. In addition, Finward previously received the approval of the Federal Deposit Insurance Corporation for the merger of Royal Savings Bank with and into Peoples Bank, and the Federal Reserve Bank of Chicago previously approved Finward's requested waiver from its application filing requirements. The Illinois Department of Financial and Professional Regulation also has acknowledged receipt of all required notices, and has issued a letter of no objection to the establishment by Peoples Bank of foreign trust offices at the branches currently operated by Royal Savings Bank, in connection with the merger of Royal Savings Bank and Peoples Bank. As a result, all regulatory approvals necessary for the consummation of the merger of Royal Financial into Finward, and the merger of Royal Savings Bank into Peoples Bank, have now been received.