Company: NWBI
Filing Date: 2025-02-20
Form Type: S-4/A
Source: 0001193125-25-030716
Chunk: 54

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-20
Form: S-4/A
Chunk 54
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 fund continued growth (including the effects of               
 dilution resulting from any future offering and sale of additional shares of common equity), the limited opportunities for acquisitions of other financial institutions in its market area, or a business combination with a potential acquirer, and the 
 board’s belief that none of the available alternatives were expected to result in the financial and operational benefits that would be achievable through the merger transaction with Northwest;                                                         |

| • |     | the challenges facing community financial institutions in growing a franchise and enhancing shareholder value on                                                                                                                                        
 a standalone basis given current market and operating conditions, including increased costs resulting from the continuing need to invest in technology and regulatory compliance, continued pressure on net interest margins resulting from competition 
 and other factors, and anticipated challenges in funding continued loan growth in Penns Woods’ market area through core deposits or otherwise;                                                                                                          |

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| • |     | the board’s view that the relative size of a financial institution and related economies of scale, beyond                                                                                                                                            
 the level it believed to be reasonably achievable by Penns Woods on an independent basis in order to equal or exceed the economic value to shareholders of the merger consideration, was becoming increasingly important to continued success in the 
 current and expected future financial services operating environment;                                                                                                                                                                                |

| • |     | the board’s view of the challenges and potential negative effects of funding Penns Woods’ continued                     
 growth through additional equity capital raising activities that could have a dilutive effect on existing shareholders; |

| • |     | based on the pro forma combined company’s size, scale, asset quality and sound capital levels, the fact that     
 the combined company should be more competitive in terms of organic growth and future acquisition opportunities; |

| • |     | the benefits to customers of Jersey Shore Bank and Luzerne Bank of becoming part of a much larger banking                                                                                                                                              
 institution with additional resources, including the broader array of financial services and products, including trust-related services, that would become available to customers of the Subsidiary Banks and the communities served by the Subsidiary 
 Banks, enhanced loan products and services, and a higher lending limit for commercial and other loan customers;                                                                                                                                        |

| • |     | based on preliminary discussions between Penns Woods’ management and potential business combination partners                                                                                                                                  
 over the past two (2) years and recent discussions with its financial advisor, the board’s belief that the transaction offered by Northwest was more attractive in its entirety than what other potential acquirers could offer, particularly 
 as it relates to continuation or enhancement of Penns Woods