Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 69

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 69
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) the deal value was publicly disclosed, (iii) the target’s assets were under $10 billion, and (iv) the stock consideration was greater than 50% of the total consideration, excluding mergers-of-equalstransactions (as defined by S&P Global Market Intelligence). The following transactions were selected by Stephens because each target’s relative asset size, financial performance and operations, among other factors, was reasonably similar to Penns Woods; however, no selected company or transaction below was identical or directly comparable to Penns Woods or the proposed Merger (in each transaction, the acquirer is listed first, the target is listed second and the transaction announcement date is noted parenthetically):

| • |     | Mid Penn Bancorp, Inc. / William Penn Bancorp. (11/1/2024) |

| • |     | NBT Bancorp Inc. / Evans Bancorp Inc. (9/9/2024) |

| • |     | ConnectOne Bancorp Inc. / The First of Long Island Corp. (9/5/2024) |

| • |     | ACNB Corp. / Traditions Bancorp (7/24/2024) |

| • |     | Peoples Financial Services / FNCB Bancorp, Inc. (9/27/2023) |

| • |     | First Bank / Malvern Bancorp Inc. (12/14/2022) |

| • |     | Citizens Financial Services / HV Bancorp Inc. (10/19/2022) |

| • |     | First Commonwealth Financial / Centric Financial Corp. (8/30/2024) |

| • |     | Brookline Bancorp Inc. / PCSB Financial Corp. (5/24/2022) |

| • |     | Farmers National Banc Corp. / Emclaire Financial Corp. (3/24/2022) |

| • |     | Fulton Financial Corp. / Prudential Bancorp, Inc. (3/2/2022) |

| • |     | Valley National Bancorp / Westchester Bank Holding Corp. (6/29/2021) |

| • |     | WSFS Financial Corp. / Bryn Mawr Bank Corp. (3/10/2021) |

| • |     | Fidelity D & D Bancorp Inc. / Landmark Bancorp Inc. (2/26/2021) |

| • |     | Hanover Bancorp, Inc