Northwest Bancshares appoints new Non-Executive Chairman

COLUMBUS, Ohio - Northwest Bancshares, Inc. (NASDAQ:NWBI), a $1.59 billion market cap regional bank currently trading at an attractive valuation according to InvestingPro’s Fair Value model, announced today a leadership transition in its board of directors, with Timothy B. Fannin stepping down as Board Chair ahead of his retirement in 2026. Timothy M. Hunter, previously Vice Chair, has been appointed as the new Non-Executive Chairman.

Mr. Fannin, who joined the board in 2013 and became Non-Executive Chairman in 2022, is credited with guiding the company towards significant strategic progress, including its largest acquisition to date. Under his chairmanship, Northwest Bancshares is on course to become a Top 100 US bank by assets, expecting to finalize a merger with Penns Woods in late July. The company’s strong financial position is reflected in its impressive 31-year streak of consistent dividend payments, currently yielding 6.43%.

Louis J. Torchio, President and CEO of Northwest Bancshares, expressed gratitude for Fannin’s contributions, highlighting the company’s evolution during his tenure. Fannin reflected on his time as Chairman with pride, emphasizing the company’s adherence to its strategic growth plan and its community banking heritage.

Hunter, who joined the board in 2015 and served as Vice Chair since 2023, acknowledged the progress made under Fannin’s leadership. He aims to continue the company’s momentum, focusing on sustainable and profitable growth. Hunter brings extensive business and financial experience to his new role, including a tenure as President and CEO of McInnes Rolled Rings and service on various business and philanthropic boards. He is a CPA and a Villanova University graduate with a bachelor’s degree in accounting.

Northwest Bancshares, headquartered in Columbus, Ohio, is the holding company of Northwest Bank, a full-service financial institution founded in 1896. Northwest Bank operates 130 full-service financial centers and eleven free-standing drive-up facilities across Pennsylvania, New York, Ohio, and Indiana. The bank has demonstrated solid performance with an 18.66% total return over the past year, while maintaining conservative valuations with a P/E ratio of 13.92. For detailed merger analysis and comprehensive financial metrics, investors can access the full research report on InvestingPro, which offers exclusive insights and valuation models for over 1,400 US stocks.

The press release also contains forward-looking statements regarding the proposed merger with Penns Woods, cautioning that the merger may not close within the anticipated timeframe or at all, and that integration and expected benefits may face challenges.

This leadership transition and future merger are based on a press release statement from Northwest Bancshares, Inc.

In other recent news, Northwest Bancshares Inc. reported its first-quarter 2025 earnings, exceeding analyst expectations with an earnings per share (EPS) of $0.35, compared to the forecasted $0.24. The company also reported revenue of $156.17 million, surpassing the projected $142.16 million. This marks a significant achievement, with a 48% increase in net income year-over-year. Additionally, Northwest Bancshares is preparing for a merger with Pennswoods Bancorp, which is expected to close in late July. The company has received all required regulatory approvals, and Pennswoods shareholders have voted to approve the merger. In terms of analyst activity, the company remains cautiously optimistic about its commercial loan pipelines, as noted by CFO Doug Schauser. The firm continues to focus on managing expenses and exploring new commercial verticals and branch opportunities.

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