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COLUMBUS - Northwest Bancshares, Inc. (NASDAQ:NWBI) has completed its previously announced merger with Penns Woods Bancorp, Inc. (NASDAQ:PWOD), the companies announced Monday. Penns Woods, with a market capitalization of $228.43 million, brings a strong track record of 41 consecutive years of dividend payments, according to InvestingPro data.
The transaction, which closed on July 25, included the merger of Penns Woods’ subsidiary banks, Jersey Shore State Bank and Luzerne Bank, into Northwest Bank, with Northwest Bank surviving as the entity. The merger target showed strong financial performance with 16.68% revenue growth in the last twelve months and maintains an attractive 4.27% dividend yield.
Richard A. Grafmyre, former CEO of Penns Woods, has joined the Board of Directors of both Northwest and Northwest Bank as part of the agreement.
The acquisition expands Northwest’s Pennsylvania footprint with 21 additional branch locations across North Central and Northeastern Pennsylvania. Following the merger, Northwest now operates 151 financial centers throughout Pennsylvania, New York, Ohio, and Indiana.
"We are pleased to welcome Penns Woods’ customers, employees and shareholders to Northwest," said Louis J. Torchio, President and CEO of Northwest in the press release statement.
The former Jersey Shore State Bank and Luzerne Bank locations were rebranded to Northwest Bank following customer and data conversion completed over the weekend of July 26-27.
Northwest will host a conference call to discuss its second quarter 2025 financial results on Wednesday, July 30, with financial data scheduled for release after market close on Tuesday, July 29.
Northwest Bancshares, founded in 1896, offers business and consumer banking products, employee benefits, and wealth management services. The company’s common stock is listed on the NASDAQ Global Select Market.
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