August 5, 2019

On August 1, 2019, West End Bank, S.B., Richmond, Indiana, and Three Rivers Federal Credit Union, Fort Wayne, Indiana, announced that Three Rivers will acquire the assets and assume the liabilities of West End Bank in an all-cash transaction.  Following the completion of the transaction, West End Bank will be liquidated and West End Indiana Bancshares, West End Bank’s holding company, will be dissolved with the remaining net assets distributed to stockholders on a pro rata basis. It is estimated that West End Indiana Bancshares stockholders will receive between $34.91 and $36.81 per share of common stock.  The amount of per share consideration that is ultimately received by stockholders will be subject to adjustment based on, among other things, the treatment of and costs associated with the West End Bank liquidation account, West End Bank’s equity at closing, the corporate tax associated with the transaction, the amount of cash held by West End Indiana Bancshares at closing, the cost of liquidating West End Bank and dissolving West End Indiana Bancshares, and future operating results.

Luse Gorman is serving as legal counsel to West End in the transaction.  The Luse Gorman team consists of Kip A. Weissman, Marc P. Levy and Michael J. Brown (Corporate/M&A), and Max Seltzer (Executive Compensation).

West End operates four branch locations — two in Richmond, Indiana, one in Hagerstown, Indiana, and one in Liberty, Indiana, and has $298.8 million in assets.

Three Rivers has 16 branches in a seven-county area in northeast Indiana and northwest Ohio, and has $1.1 billion in assets.