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Centier turns highest quarterly profit in its 123-year history

The entrance to the Centier bank tower in downtown Gary. The bank posted the highest profit in its history in the third quarter.

Centier Bank turned a profit of $14.8 million in the third quarter, the highest quarterly earnings in the bank's 123-year history, dating back to its roots as the First Bank of Whiting on 119th Street.

Merrillville-based Centier, now the largest privately owned bank in Indiana, with 60 branches across the state, has achieved the highest year-to-date net income through the end of the third quarter in its long and storied history.

“The Centier family continues to build on our successes and grow along with the communities we serve,” Centier President and CEO Michael Schrage said. “Our total deposits grew by 12.4 percent compared to this time last year, and that is a tremendous sign that people trust Centier and believe in our mission of being a true community and family banking partner.”

Centier, a Northwest Indiana institution that famously boasts it's "Not for Sale" and will remain family-owned, opened its 60th branch in Fishers in central Indiana. It expects to open its 61st branch in Elkhart in mid-November.

“As we always say, we want the areas in which we serve to grow as we grow,” Schrage said. “As part of our Servant Heart Culture, it is important that we support the organizations and initiatives that are making a true impact in our communities, both at the corporate level and through volunteering our time and talent.”

Centier's recent philanthropy in the community included a $250,000 donation to the National Mascot Hall of Fame in Whiting and a "significant sponsorship" for Valparaiso University athletics’ 2018-19 season.

Centier is routinely ranked as one of the Best Places to Work in Indiana by the Indiana Chamber of Commerce and was recently named the Best Bank to Work For in the state and the 10th best in the nation by American Banker Magazine.

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.