Time Bank of Park Ridge, Illinois, has completed its acquisition of approximately $225 million of total assets and liabilities of Davenport-based Northwest Bank, effective Dec. 31.
The deal was first announced in July 2024 by the family-owned community banks. It includes Northwest Bank’s two bank locations in Davenport and one in Bettendorf. The bank tower buildings were not part of the sale. But Time Bank will retain the three banking locations. It has purchased the Locust Street branch as part of the agreement.
“We are pleased to announce the successful completion of this acquisition,” Tom Carter, Time Bank president, CEO & chairman, said in a release. “We are thrilled to welcome Joe Slavens, Adam Pelzer, and the Northwest Bank team and look forward to working together on the opportunities ahead in the Quad Cities.”
As part of the purchase agreement, Mr. Pelzer is staying with Time Bank. He will serve as an executive vice president and president – Quad Cities market. Mr. Slavens, who was the third generation of Slavens to have led Northwest, will serve as a strategic advisor to Time Bank. The latter is owned by the Carter family of Park Ridge.
“We are excited to join Time Bank, a bank whose culture and ambitions will build upon our foundation of safety and soundness,” Mr. Pelzer said in the release. “This partnership enhances 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.”
Slavens takes advisory role
Mr. Pelzer, who is Mr. Slavens’ son-in-law, represented a fourth generation in the family business. He was an executive vice president at Northwest. In addition to advising Time Bank, Mr. Slavens will continue to lead his family’s business as president of Northwest Investment Corp.
Mr. Pelzer and Mr. Slavens recently were honored for their leadership by their inclusion in the 2025 QCBJ Regional Leaders publication.
The transaction did not include the sale of Northwest Bank’s trust and investment management group. It will remain under the ownership and management of the Slavens family through the formation of an Illinois Trust Company named Tower Trust & Investment Company, according to the release.
The acquisition also did not include the sale of Northwest Bank’s subsidiary companies. That includes the award-winning Centennial Tax & Accounting; River Cities Development, which owns the iconic bank towers; and Stratman Solutions. The latter is a nationwide provider of financial services software solutions.
Angkor Strategic Advisors served as financial advisor. Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel to Time Bank in connection with the transaction. Dickinson, Bradshaw, Fowler & Hagen, P.C. served as legal counsel to Northwest Investment Corp.
Time Bank now has approximately $700 million in assets. It is recognized as one of the strongest banks in the United States. Family-owned and operated by the Carters for more than 29 years, the community bank prides itself on agility and simplicity. It offers banking services without the bureaucratic complexities of larger banks. With the addition of Northwest Bank’s 23 employees, Time Bank employs 55 people in Park Ridge and the Quad Cities.
