Finward Bancorp Chief Executive Officer Benjamin Bochnowski says the merger with First Financial Bank is on target to close by the end of the year.

When the merger closes, Munster-based Peoples Bank will become First Financial locations. The $208 million deal was announced in July.

“We continue to make progress toward closing our merger with First Financial, and we believe the combination of our companies will have benefits for our shareholders, customers, communities and employees,” said Bochnowski in a press release.

Finward, the holding company for Peoples Bank, reported a loss in net income for common shareholders from $2.1 million at the end of the second quarter to $1.4 million at the end of the third quarter.

Bochnowski said losses were attributed to merger expenses.

“The quarter included additional expenses in the areas of compensation and benefits, and third-party costs associated with the merger,” he said.

He also said customers are a priority as the process moves along.

“Throughout this process, our commitment to our customers and communities grounds the team, and our team is working diligently to ensure a seamless transition that maximizes the promise of the merger,” Bochnowski said.

The all-stock deal was based on First Financial's July 20 closing stock price. The transaction is part of a larger First Financial growth strategy.

Peoples Bank has been serving customers for 116 years. The Munster-based company has 24 banking centers. Find updates about the merger here.