Company: NWBI
Filing Date: 2025-02-24
Form Type: 424B3
Source: 0001193125-25-033488
Chunk: 21

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-24
Form: 424B3
Chunk 21
---
 The board of directors of Penns Woods unanimously approved the Merger Agreement. The board of directors of Penns Woods believes that the Merger is in the best interests of Penns Woods and its shareholders, and, as a result, the directors unanimously recommend that Penns Woods shareholders vote “ FOR”the adoption and approval of the Merger Agreement, “ FOR” the proposal to approve, on an advisory basis, specified compensation that may be payable to the named executive officers of Penns Woods in connection with the Merger, and “ FOR” the proposal to adjourn the special meeting, if necessary and appropriate, to solicit additional proxies.

11

In reaching this decision, the board of directors of Penns Woods considered many factors, which are described in the section captioned “ THE MERGER—Background of the Merger” and “ THE MERGER— Penns Woods’ Reasons for the Merger” beginning on page 30 and page 35, respectively, of this proxy statement/prospectus. Opinion of Penns Woods’ Financial Advisor (page 38) In connection with the Merger, Penns Woods’ financial advisor, Stephens Inc. (“Stephens”), delivered a written opinion, dated December 16, 2024, to the Penns Woods board of directors to the effect that, as of such date, the Exchange Ratio was fair, from a financial point of view, to the holders of Penns Woods common stock. The full text of the opinion, which describes the procedures followed, assumptions made, matters considered, and qualifications and limitations on the review undertaken by Stephens in preparing the opinion, is attached as Annex Bto this proxy statement/prospectus. Stephens’s opinion speaks only as of the date of this opinion. The opinion was for the information of, and was directed to, the Penns Woods board of directors (in its capacity as such) in connection with its consideration of the financial terms of the Merger. The opinion did not address the underlying business decision of Penns Woods to engage in the Merger or enter into the Merger Agreement or constitute a recommendation to the Penns Woods board of directors in connection with the Merger, and it does not constitute a recommendation to any holder of Penns Woods common stock or any shareholder of any other entity as to how to vote in connection with the Merger or any other matter. Material U.S. federal income tax consequences of the Merger (page 57) Northwest and Penns Woods intend that the Merger will be treated as a “reorganization