New Bancorp, Inc. (OTC PINK: NWBB), the holding company of New Buffalo Savings Bank, announced on October 22 its stockholders overwhelmingly approved the acquisition of the assets and assumption of the liabilities of New Bancorp and New Buffalo by Teachers Credit Union at its stockholders’ meeting.
Subject to the receipt of the required regulatory approvals and the satisfaction of customary closing conditions, the parties hope to close the transaction in the first quarter of 2020. However, following the completion of the transaction, it is expected that the corporate existence of New Buffalo will need to be terminated and that New Bancorp will need to be dissolved. It is expected that this process may take up to 90 days following the sale at which point New Bancorp expects to distribute the remaining transaction proceeds to its stockholders.