Company: NWBI
Filing Date: 2025-02-20
Form Type: S-4/A
Source: 0001193125-25-030716
Chunk: 34

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-20
Form: S-4/A
Chunk 34
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 opinion.

19

Subsequent changes in the operation and prospects of Penns Woods or Northwest, general market and economic conditions and other factors that may be beyond the control of Penns Woods or Northwest may significantly alter the value of Penns Woods or Northwest or the prices of the shares of Penns Woods common stock or Northwest common stock by the time the Merger is completed. The opinion does not address the fairness of the Exchange Ratio, from a financial point of view, at the time the Merger is completed, or as of any other date other than the date of such opinion. The opinion of Penns Woods’ financial advisor is attached as Annex Bto this proxy statement/prospectus. For a description of the opinion, see “ THE MERGER—Fairness Opinion of Penns Woods’ Financial Advisor” on page 38 of this proxy statement/prospectus. Penns Woods shareholders will have a reduced ownership and voting interest after the Merger and will exercise less influence over management of the combined organization. The Merger will dilute the ownership position of Northwest stockholders and result in Penns Woods shareholders having an ownership stake in the combined company that is smaller than their current stake in Penns Woods. Upon completion of the Merger, we estimate that continuing Northwest stockholders will own approximately 88% of the issued and outstanding shares of common stock of the combined company, and former Penns Woods shareholders will own approximately 12% of the issued and outstanding common stock of the combined company. Consequently, Penns Woods shareholders, as a general matter, will have less influence over the management and policies of the combined company after the Effective Time than they currently exercise over the management and policies of Penns Woods. Failure to complete the Merger could negatively impact the value of Penns Woods’ stock and future businesses and financial results of Northwest and Penns Woods. If the Merger is not completed, the ongoing businesses of Northwest and Penns Woods may be adversely affected and Northwest and Penns Woods will be subject to several risks, including the following:

| • |     | Northwest and Penns Woods will be required to pay certain costs relating to the Merger, whether or not the Merger 
 is completed, such as legal, accounting, financial advisor and printing fees;                                     |

| • |     | under the Merger Agreement, Penns Woods is subject to certain restrictions regarding the conduct of its business        
 before completing the Merger, which may adversely affect its ability to execute certain of its business strategies; and |

| • |     |