Teachers Credit Union (‘TCU’) signed a definitive agreement to acquire the assets and assume the liabilities of New Bancorp Inc. (OTC PINK:NWBB) for $18.7 million on April 26, 2019. The equity value of the transaction is $21.3 million while, if the liquidation account is not required to be distributed to depositors, the equity value will be $23.4 million. Shareholders of New Bancorp will receive $28.42 per share in cash (which is subject to adjustment based on a minimum equity target) for each outstanding common share of New Bancorp; provided, however, that if TCU is permitted by regulators to assume a liquidation account that is currently maintained by New Buffalo Savings Bank ('New Buffalo'), the banking subsidiary of New Bancorp, for the benefit of certain depositors, the per share price is expected to increase to $31.23 per share (also subject to adjustment based on a minimum equity target). For all outstanding options of New Bancorp, TCU will pay in cash the difference between the exercise price of each option and the per share merger consideration. As of May 4, 2020, Shareholders of New Bancorp will receive $26 per share in cash. Following the completion of the transaction, New Bancorp will settle its remaining obligations and distribute the remaining transaction proceeds to its shareholders. Pursuant to the transaction, it is expected that the corporate existence of New Buffalo will be terminated and that New Bancorp will be dissolved. It is expected that this process may take up to 45 days following the sale to be completed. As of October 23, 2019, New Bancorp, Inc. received stockholder approval to complete pending transaction with Teachers Credit Union. For the year ending September 30, 2018, New Bancorp reported revenues of approximately $5.4 million, total assets of $117.8 million, net income of approximately $0.4 million, total common equity of approximately $15.71 million, earnings from continuing operations of approximately $0.4 million, negative net debt of $4.75 million and total debt of approximately $9.03 million. The transaction is subject to customary closing conditions, the approval of New Bancorp's shareholders and regulatory approvals. As of May 4, 2020, regulatory approval was received. The transaction has been unanimously approved by the board of directors of both institutions and is expected to close in the second half of 2019. As of May 4, 2020, the transaction is expected to close on June 5, 2020, subject to obtaining the approval of the New Bancorp stockholders at a special meeting to be held on June 4, 2020 and the satisfaction of customary closing conditions. Keefe, Bruyette, & Woods served as financial advisor while Luse Gorman PC served as legal advisor to New Bancorp. Boenning & Scattergood served as financial advisor while Krieg DeVault LLP served as legal advisor to TCU.