New Bancorp Inc. stockholders on Oct. 22 approved the acquisition of the assets and assumption of the liabilities of the Michigan-based company and unit New Buffalo Savings Bank by Indiana-based Teachers CU.

The transaction is anticipated to close in the first quarter of 2020.

After deal completion, it is expected that the corporate existence of New Buffalo will need to be terminated and that New Bancorp will need to be dissolved.

The process may take up to 90 days following the sale, at which point New Bancorp expects to distribute the remaining transaction proceeds to its stockholders.