Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 45

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 45
---
, at the record date fixed to determine shareholders entitled to receive notice of and to vote at the meeting of
shareholders at which a merger or consolidation was acted on, were listed on a national securities exchange. Because Penns Woods’ common stock is listed on the Nasdaq Global Select
Market, a national securities exchange, holders of Penns Woods common stock will not be entitled to dissenters’ appraisal rights in the merger with respect to their shares of Penns Woods
common stock.

THE MERGER

The Proposed Merger

The Merger Agreement provides for the merger of Penns Woods with and into Northwest, with Northwest as the surviving entity. Thereafter,
at a later time specified by Northwest Bank in its articles of merger that are filed with the Department of State of the Commonwealth of Pennsylvania, Luzerne Bank will be merged with and into Northwest Bank, with Northwest Bank surviving the
Merger. Immediately thereafter, Northwest will cause Jersey Shore Bank to be merged with and into Northwest Bank, with Northwest Bank surviving the Merger.

The Merger Agreement is attached to this proxy statement/prospectus as and is incorporated in this proxy statement/prospectus
by reference.You are encouraged to read the Merger Agreement carefully, as it is the legal document that governs the Merger.

Background of the Merger

The Penns Woods board of directors engages in regular strategic planning in connection with the business and operations
of Penns Woods and its operating subsidiaries, including Jersey Shore Bank and Luzerne Bank. As part of this process, the board and Penns Woods’ senior management team review and assess the organization’s past performance and future
prospects in light of Penns Woods’ long-term strategic goals, strategic opportunities, including opportunities for growth organically or otherwise, and potential challenges, including challenges relating to funding continued growth. The ongoing
process of strategic planning and consideration of business alternatives is intended to serve Penns Woods’ stated mission to (i) operate as a high-performing regional community bank, (ii) create long-term shareholder value through a
combination of return on shareholders’ equity and cash dividends to shareholders, (iii) grow the banking business in a safe, sound, diversified, and profitable manner, and (iv) provide exceptional service to customers. The goals of
increasing returns on shareholders’ equity and generating returns sufficient to maintain Penns Woods’ historical cash dividend levels are typically important considerations for the board in discussing strategic direction and alternatives.

Penn Woods’ stated emphasis on continued growth in quality assets also required consideration of