Northwest Bancshares To Acquire Penns Woods In All-stock Deal - Quick Facts

Penns Woods Bancorp

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(RTTNews) - Northwest Bancshares, (NWBI), the bank holding company for Northwest Bank, and Penns Woods Bancorp, Inc. (PWOD), the multi-bank holding company of Jersey Shore State Bank and Luzerne Bank, jointly announced they have entered into a definitive Agreement and Plan of Merger whereby Northwest will acquire Penns Woods in an all-stock transaction valued at approximately $270.4 million. Penns Woods shareholders will be entitled to receive 2.385 shares of Northwest common stock for each share of Penns Woods common stock they own upon the effective time of the merger. The transaction consideration is valued at $34.44 for each share of Penns Woods. Upon completion, the shares issued to Penns Woods shareholders are expected to comprise approximately 12% of the outstanding shares of the combined company.

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.

Following completion, Penns Woods shareholders would be expected to receive, on a per share equivalent basis, a dividend equal to approximately $0.48 per share based on Northwest's current quarterly dividend of $0.20 per share.