WARREN, Pa., Aug. 10, 2011 /PRNewswire/ -- Northwest
Bancshares, Inc. (NasdaqGS: NWBI) announced that its Board of
Directors has authorized the repurchase of 5%, or approximately
5,150,000 shares, of the Company's outstanding common stock.
This repurchase plan is in addition to the previously
announced repurchase program whereby the Board of Directors
authorized the repurchase of 10%, or 11,000,000 shares, of the
Company's common stock, which is nearing completion. 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.
Headquartered in Warren,
Pennsylvania, Northwest Bancshares, Inc. is the holding
company of Northwest Savings Bank. Northwest Savings Bank
operates 169 community banking offices in Pennsylvania, New
York, Ohio and Maryland. Northwest Savings Bank,
founded in 1896, is a full-service financial institution offering a
complete line of business and personal banking products as well as
benefits and wealth management services. The Company also
operates 52 consumer finance offices in Pennsylvania through its subsidiary, Northwest
Consumer Discount Company. Northwest Bancshares, Inc.'s
common stock is listed on the NASDAQ Global Select Market.
Additional information regarding Northwest Bancshares, Inc.
can be accessed on-line at www.northwestsavingsbank.com.
Forward-Looking Statements - This press release may contain
forward-looking statements. 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) difficulties in
the integration of acquired businesses; 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.