Peoples Bank is donating its bank building at 7120 Indianapolis Blvd. in Hammond to Purdue University Northwest.
Under the terms of the donation, Peoples will continue to operate a full-service branch at the location while renting a smaller space inside the building. Purdue Northwest will use the remaining space for economic and community leadership development staff.
Peoples Bank will soon remodel the building, which is expected to take about 10 weeks. The drive-up lanes will remain open.
When the remodel is finished, Peoples Bank will sign a long-term lease for 45% of the building. The remodeled banking center is expected to reduce the bank’s operating expenses by 50%.
“The donation will be a great benefit to Peoples Bank, as well as Purdue Northwest and the surrounding communities,” said Robert Lowry, EVP, chief operating officer at Peoples Bank. “This new arrangement will not only help us better serve our customers with a smarter, more efficient use of resources for (Peoples Bank), it will also enable the university to continue providing the necessary programming for producing leadership within our communities, which aligns with the bank’s core values of community and excellence.”
Purdue Northwest Chancellor Thomas Keon said the donation will expand Purdue Northwest’s district along Indianapolis Boulevard. The facility will be used by students and faculty as a place to work on economic development and community outreach initiatives.
“This area is becoming a hub for the university’s community and economic development efforts, commercialization and manufacturing support to businesses, technological innovation among our students, faculty and industry partners, and counseling services to the community,” Keon said.
Peoples Bank operates 22 branches across Northwest Indiana and in metro Chicago’s south suburbs.
