SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report: August 18, 1999
NORTHWEST INDIANA BANCORP
(Exact Name of Registrant as Specified in Charter)
Indiana 0-26128 35-1927981
(State or Other
Jurisdiction of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
9204 Columbia Avenue 46321
Munster, Indiana
(Address of Principal
Executive Offices) (Zip Code)
Registrant's telephone number,
including area code: (219) 836-9690
Item 5. Other Events.
On August 18, 1999, the Registrant's Board of Directors
authorized a stock repurchase program relating to the Registrant's Common
Stock, which is described in the following press release which was issued
on August 27, 1999:
"NORTHWEST INDIANA BANCORP INITIATES STOCK REPURCHASE PROGRAM
Munster, Indiana -- The NorthWest Indiana Bancorp, the holding
company for Peoples Bank SB, announced today that the Board of Directors
has authorized the repurchase of up to 50,000 shares of the Bancorp's stock
which represents approximately 1.8% of total shares outstanding.
"Our board believes that at current prices the Bancorp's stock is
a very attractive investment for the corporation," said David A.
Bochnowski, Chairman and Chief Executive Officer.
Under the stock repurchase plan NorthWest Indiana Bancorp will be
able to repurchase shares of its outstanding common stock in the open
market or in privately negotiated transactions at appropriate times to
allow it to enhance earnings per share and manage its capital.
The Bancorp's stock was originally issued at $10.00 per share in
August of 1984 and the current value of that investment stands at $172.00
per share. The average annual compound rate of return on the stock since
the public offering fifteen years ago has been 25.4%."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
NORTHWEST INDIANA BANCORP
By /S/ DAVID A. BOCHNOWSKI
David A. Bochnowski
President and
Chief Executive Officer
Date: August 27, 1999
