New Buffalo Savings Bank and Edgewater Bank to merge

Ron Farina, President and CEO of New Buffalo Savings Bank, and Bob Baldwin, CEO of Edgewater Bank, St. Joseph, announced on April 10, 2008, their intent to merge the two locally owned banks into one. New Buffalo Savings Bank, an institution with an 87 year history, will be adopting Edgewater’s name, an institution with a 98 year history.

“Directors and executives from both banks have been working diligently on this for over a year,” said Farina. “This decision is not a result of the recent turmoil in the financial markets.”

The merger will add New Buffalo Savings Bank’s three south county branches to Edgewater’s six locations. Since there is no geographic overlap, there will be little effect on staffing.

Farina will become Edgewater’s Chief Executive Officer for the south county. Baldwin will be the Chief Executive Officer for the north county, and Bill Peterson will continue on as Edgewater’s President. New Buffalo’s Ann Werner will be Chief Financial Officer, Mary Ann Vanderbrook will be Chief Administrative Officer, and Edgewater’s Janice Groendyk will be Chief Information Officer. The new board of directors will be comprised of six directors from New Buffalo Savings Bank and six directors from Edgewater Bank.

“The agreement to merge, signed by both parties in March, is subject to regulatory approval. If approval is granted, the merger could finalize in the fall. In the mean time, our customers can continue to bank as they always have,” Farina and Baldwin said. “We promise to keep customers in the loop as the merger progresses and do everything we can to make this a smooth transition.”

Ron Farina, President and CEO of New Buffalo Savings Bank, and Bob Baldwin, CEO of Edgewater Bank, St. Joseph