Northwest Bancshares, the parent company of Northwest Bank, has completed its previously announced $270.4m acquisition of rival US-based bank holding firm Penns Woods Bancorp.
This transaction includes the merger of Penns Woods’ subsidiaries, Jersey Shore State Bank and Luzerne Bank, into Northwest Bank. The merger, announced in December 2024, was executed as an all-stock deal.
The consolidation enhances Northwest Bancshares’ presence in Pennsylvania with the addition of 21 new branch locations across the North Central and Northeastern parts of the state. As a result, Northwest Bank now operates a total of 151 financial centres across Pennsylvania, New York, Ohio, and Indiana.
With the merger finalised, Richard A. Grafmyre, former CEO of Penns Woods, has joined the board of directors for both Northwest Bancshares and Northwest Bank. In terms of shareholder benefits, Penns Woods shareholders will receive 2.385 shares of Northwest common stock for each share they previously held.
Northwest Bancshares president and CEO Louis Torchio said: “We are pleased to welcome Penns Woods’ customers, employees and shareholders to Northwest.
“Together, we are better positioned to deliver value to our shareholders and provide an expanded range of products and services to customers and communities across our Pennsylvania footprint.”
The rebranding process for Jersey Shore State Bank and Luzerne Bank branches was completed over the weekend following the merger’s finalisation. These branches now operate under the Northwest Bank name after a coordinated customer and data conversion process.
Northwest Bancshares is headquartered in Columbus, Ohio. Established in 1896, it provides a range of services including business and consumer banking products, employee benefits, and wealth management services. The company’s common stock is listed on the NASDAQ Global Select Market under the symbol NWBI.
Before merging with Northwest Bancshares, Penns Woods Bancorp operated through its divisions offering retail banking and financial services to its customers. This move aims to expand Northwest Bancshares’ service capabilities and market reach across multiple states.
