WARREN, Pa., Nov. 8, 2010 /PRNewswire-FirstCall/ -- Northwest
Bancshares, Inc. (Nasdaq: NWBI) announced today that the Company's
Board of Directors authorized the repurchase of up to 10%, or
approximately 11,000,000, of the Company's outstanding shares of
common stock. Repurchases may commence no earlier than
December 18, 2010 in accordance with
the Office of Thrift Supervision's approval of Northwest's
second-step conversion which stipulated that no share repurchases
could occur for a one-year period. The stock repurchase
program may be carried out through open market purchases, block
trades, negotiated private transactions and pursuant to any trading
plan that may be adopted in accordance with Rule 10b5-1 of the
Securities and Exchange Commission. The stock may be
repurchased on an ongoing basis and will be subject to the
availability of stock, general market conditions, the trading price
of the stock, alternative uses for capital, and the Company's
financial performance. Any repurchased shares will be held as
authorized but unissued shares, and will be available for general
corporate purposes.
President and Chief Executive Officer William J. Wagner stated, "The repurchase of
common shares, when permitted by regulation and during periods of
favorable market conditions, continues to be an integral part of
our capital management program. With our tangible common
equity ratio over 14% and our stock trading at a low multiple of
tangible book value, we believe shareholder value can be enhanced
through a share repurchase program."
A full-service financial institution with assets of
approximately $8.1 billion, Northwest
Bancshares, Inc. is the parent company of Northwest Savings Bank,
which serves its customers in Pennsylvania, New
York, Maryland,
Ohio and Florida with a network of 171 community
banking offices.
Forward-Looking Statements - This press release may contain
forward-looking statements with respect to the financial condition
and results of operations of Northwest Bancshares, Inc. including,
without limitations, statements relating to the earnings outlook of
the Company. These forward-looking statements involve certain risks
and uncertainties. Factors that may cause actual results to differ
materially from those contemplated by such forward-looking
statements, include among others, the following possibilities: (1)
changes in the interest rate environment; (2) competitive pressure
among financial services companies; (3) general economic conditions
including an increase in non-performing loans that could result
from an economic downturn; (4) changes in legislation or regulatory
requirements; (5) difficulties in continuing to improve operating
efficiencies; (6) increased regulatory scrutiny and/or restrictions
on Northwest Savings Bank; and (7) increased risk associated with
an increase in commercial real-estate and business loans and
non-performing loans. Management has no obligation to revise
or update these forward-looking statements to reflect events or
circumstances that arise after the date of this release.
SOURCE Northwest Bancshares, Inc.