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NEWS
Northwest Bancshares, Inc. Announces Agreement to Acquire Penns Woods Bancorp, Inc.
Tuesday, 17th December at 8:15 am
COLUMBUS, Ohio, Dec. 17, 2024 /PRNewswire/ -- Northwest Bancshares, Inc. ("Northwest") (NASDAQ: NWBI) the bank holding company for Northwest Bank, and Penns Woods Bancorp, Inc. ("Penns Woods") (NASDAQ: PWOD), the multi-bank holding company of Jersey Shore State Bank and Luzerne Bank, jointly announced today that they have entered into a definitive Agreement and Plan of Merger ("Agreement") whereby Northwest will acquire Penns Woods in an all-stock transaction valued at approximately $270.4 million. Combining the two organizations will significantly enhance the combined company's presence in North Central and Northeastern Pennsylvania.
Headquartered in Williamsport, Pennsylvania, Penns Woods has approximately $2.3 billion in assets, $1.7 billion in total deposits, and $1.9 billion in total loans as of September 30, 2024. The combined company is expected to have pro forma total assets in excess of $17 billion and is expected to be one of the nation's top 100 largest banks. The combined company's Pennsylvania banking presence will be enhanced through the addition of 24 branch locations across Blair, Centre, Clinton, Luzerne, Lycoming, Montour, and Union counties. The complementary footprint of Penns Woods links Northwest's presence in both eastern and western Pennsylvania. When the transaction is completed, Northwest will have more than 150 financial centers, as well as loan production offices, across four states.
Tuesday, 17th December at 8:15 am
COLUMBUS, Ohio, Dec. 17, 2024 /PRNewswire/ -- Northwest Bancshares, Inc. ("Northwest") (NASDAQ: NWBI) the bank holding company for Northwest Bank, and Penns Woods Bancorp, Inc. ("Penns Woods") (NASDAQ: PWOD), the multi-bank holding company of Jersey Shore State Bank and Luzerne Bank, jointly announced today that they have entered into a definitive Agreement and Plan of Merger ("Agreement") whereby Northwest will acquire Penns Woods in an all-stock transaction valued at approximately $270.4 million. Combining the two organizations will significantly enhance the combined company's presence in North Central and Northeastern Pennsylvania.
Headquartered in Williamsport, Pennsylvania, Penns Woods has approximately $2.3 billion in assets, $1.7 billion in total deposits, and $1.9 billion in total loans as of September 30, 2024. The combined company is expected to have pro forma total assets in excess of $17 billion and is expected to be one of the nation's top 100 largest banks. The combined company's Pennsylvania banking presence will be enhanced through the addition of 24 branch locations across Blair, Centre, Clinton, Luzerne, Lycoming, Montour, and Union counties. The complementary footprint of Penns Woods links Northwest's presence in both eastern and western Pennsylvania. When the transaction is completed, Northwest will have more than 150 financial centers, as well as loan production offices, across four states.
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