Company: NWBI
Filing Date: 2025-07-28
Form Type: 8-K
Source: 0001471265-25-000123
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Company: Northwest Bancshares, Inc.
Filing Date: 2025-07-28
Form: 8-K
Item: Item 2.01
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Item 2.01

Completion of Acquisition or Disposition of Assets

On July 25, 2025, Northwest Bancshares, Inc. a Maryland corporation (“ Northwest”), completed its previously announced merger with Penns Woods Bancorp, Inc., a Pennsylvania corporation (“ Penns Woods”), pursuant to the Agreement and Plan of Merger (the “ Merger Agreement”) dated December 16, 2024. At the effective time of the merger (the “ Effective Time”), Penns Woods merged with and into Northwest (the “ Holding Company Merger”), with Northwest as the surviving corporation in the Holding Company Merger. Immediately following the Holding Company Merger, Penns Woods’ wholly-owned subsidiary banks, Luzerne Bank, a Pennsylvania-chartered bank (“ Luzerne Bank”), and Jersey Shore State Bank, a Pennsylvania-chartered bank, merged with and into Northwest Bank, a Pennsylvania-chartered savings bank and wholly-owned subsidiary of Northwest (“ Northwest Bank”), with Northwest Bank as the surviving bank (the “ Bank Mergers” and with the Holding Company Merger, the “ Merger”). By virtue of the Merger, Northwest acquired all of the assets, and succeeded to all of the obligations of Penns Woods, and Northwest Bank acquired all of the assets, and succeeded to all of the obligations of, Luzerne Bank and Jersey Shore State Bank.

Pursuant to the terms of the Merger Agreement, at the Effective Time, each Penns Woods common share issued and outstanding immediately prior to the Effective Time (except for treasury shares, as provided for in the Merger Agreement), converted, in accordance with the procedures set forth in the Merger Agreement, into 2.385 shares of Northwest common stock. In addition, each Penns Woods shareholder who would otherwise be entitled to receive a fractional share of Northwest common stock will receive cash (rounded to the nearest cent), without interest, in an amount equal to the fractional share of Northwest common stock to which such holder would otherwise be entitled to multiplied by the average of the closing-sale prices of Northwest common stock on the Nasdaq Global Select Market® as published in The Wall Street Journal for the five (5) consecutive full trading days ending on the trading day preceding the effective date of the Merger.

The foregoing description of the transactions contemplated by the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement attached as Exhibit 99.4 to Northwest’s Current Report on Form 8-K filed on December 20, 2024,