Northwest Bancorp, a Pennsylvania-based holding company for Northwest Savings Bank, has announced that the boards of directors of Northwest Bancorp, (MHC), the company and Northwest Savings Bank have adopted a ‘plan of conversion and reorganization’. Pursuant to the plan, Northwest Savings Bank will reorganize from the two-tier mutual holding company to the stock holding company structure and will undertake a ‘second-step’ stock offering of new shares of common stock.
As part of the reorganization, MHC, which owns approximately 63% of the outstanding common stock of the company, will be merged with and into Northwest Savings Bank and its shares in the company will be retired. However, the headquarters of the company and Northwest Savings Bank will remain in Warren, Pennsylvania. The bank has added that its normal business operations will continue without interruption during the conversion and offering process.
It has further added that the plan of conversion provides for the establishment of the Northwest Charitable Foundation.
The transactions contemplated by the plan are subject to approval by the company’s shareholders (other than MHC), the members of the MHC, the Office of Thrift Supervision (OTS), the Federal Deposit Insurance Corporation and the Department of Banking of the Commonwealth of Pennsylvania.
