New Bancorp, Inc. receives stockholder approval to complete pending transaction with Teachers Credit Union

NEW BUFFALO, MI (October 23, 2019) — 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.

About Bancorp, Inc.

New Bancorp became the stock holding company of New Buffalo in connection with New Buffalo’s mutual to stock conversion in 2015. New Buffalo operates three bank branches in New Buffalo, Sawyer and Three Oaks, Michigan and had $120.7 million in assets as of June 30, 2019. New Bancorp’s common stock is quoted on the OTC Pink Marketplace under the symbol “NWBB.” For more information about New Bancorp and New Buffalo, visit

About TCU

Teachers Credit Union is Indiana’s largest Credit Union with more than $3 billion in assets, 54 branches throughout the state of Indiana and Southwest Michigan, and more than 300,000 members. A financial cooperative owned by its members, TCU offers traditional financial services including checking, savings, mortgages and credit cards, as well as non-traditional services such as investments and insurance. Since its founding in 1931, TCU has been invested in the communities it serves. For more information about TCU, visit


Lesley Green
Market Relationship Officer
New Buffalo Savings Bank

Additional Contact:
Richard C. Sauerman

More News