MUNSTER, Ind. - Finward Bancorp (NASDAQ:FNWD), the parent company of Peoples Bank, announced the appointment of three new directors to its board, effective September 9, 2024. Martin P. Alwin, Jennifer R. Evans, and Carolyn M. Burke will join the boards of both the holding company and the bank, bringing with them extensive experience in financial services.
The appointments come as part of Finward Bancorp's ongoing board evolution, aiming to enhance its governance with diverse expertise. Alwin, a Senior Analyst at PL Capital Advisors and Managing Member of RISE Commercial Self-Storage Fund Managers, will serve on the Audit Committee. He has a history in investment banking and previously served on the board of Community West Bancshares.
Evans, former Executive Vice President and General Counsel of PrivateBancorp, will join the Risk Management and Compliance Committee. Her background includes significant legal and regulatory compliance experience, having remained with CIBC (TSX:CM) as General Counsel post-acquisition of PrivateBancorp.
Burke, currently the Chief Financial Officer of Exron Capital Inc., has a strong track record in financial services, including senior roles at UBS Global Asset Management and Mesirow Advanced Strategies. She will also serve on the Audit Committee.
Joel Gorelick, chairman of the board, expressed confidence that the new directors would contribute significantly to achieving Finward's strategic goals, a sentiment echoed by Ben Bochnowski, president and CEO of Finward Bancorp.
Alwin will hold the position of a Class I director until the 2025 annual meeting of shareholders, Evans as a Class II director until 2026, and Burke as a Class III director until 2027. The appointments fill vacancies and expand the board following departures and in line with amended by-laws.
Finward Bancorp, headquartered in Munster, Indiana, primarily holds the stock of Peoples Bank, which operates 26 locations in Northwest Indiana and Chicagoland. The company's stock is quoted on The NASDAQ Stock Market under the symbol FNWD.
The press release also contained forward-looking statements regarding Finward Bancorp's future performance and strategies, which are subject to risks and uncertainties. These statements are not guarantees of future performance and are based on current management expectations. This news article is based on a press release statement.
In other recent news, Finward Bancorp has announced the inclusion of its Senior Vice President, Chief Financial Officer and Treasurer, Benjamin L. Schmitt, in its Executive Change in Control Severance Plan. The decision was made by the company's Compensation and Benefits Committee and reported in a Form 8-K filing with the Securities and Exchange Commission. The Severance Plan, designed to maintain the commitment and objectivity of the management team during a change in control at Finward Bancorp or its subsidiary, Peoples Bank, now includes Schmitt with a waiver for the standard three-year employment eligibility requirement.
Should Schmitt's employment be terminated without cause or if he resigns for good reason within an 18-month period following a change in control, he will receive a severance package. This package includes a cash payment equal to one year of his base salary and the higher of his last actual annual cash bonus or the target bonus for the year of termination. Additionally, he will receive a lump sum equivalent to the annual COBRA premiums for his medical and dental coverage, as well as a sum equal to the annual life insurance premiums paid by the company.
The inclusion of Schmitt in the Severance Plan is a part of Finward Bancorp's strategy to ensure stability and retain key executives during potential transitions. This is a recent development in the company's strategic planning.
InvestingPro Insights
As Finward Bancorp (NASDAQ:FNWD) welcomes new directors to its board, the company's financial health and outlook remain focal points for current and potential investors. According to InvestingPro data, Finward Bancorp's market capitalization stands at a modest $117.6 million, with a Price/Earnings (P/E) ratio of 8.89 reflecting its earnings relative to its share price. The company's adjusted P/E ratio for the last twelve months, as of Q2 2024, is slightly higher at 8.93, suggesting a stable valuation over the recent period.
An InvestingPro Tip highlights that Finward Bancorp has maintained dividend payments for 27 consecutive years, which may be particularly appealing to income-focused investors. The dividend yield, as of the latest data, is 1.76%, with the last dividend ex-date reported on July 19, 2024. This consistent dividend history underscores the company's commitment to returning value to shareholders, even as net income is expected to drop this year, according to another InvestingPro Tip.
Despite a revenue decline of 2.14% over the last twelve months as of Q2 2024, analysts remain optimistic about the company's profitability. This forecast aligns with the company's basic and diluted EPS from continuing operations, which stand at $3.07, reflecting a healthy bottom line. For investors seeking more detailed analysis and additional InvestingPro Tips, 12 more tips are available, providing a comprehensive view of Finward Bancorp's financial health and future prospects at https://www.investing.com/pro/FNWD.
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