Northwest Bancshares, Inc. Expands Existing Repurchase Program to
Include an Additional 5,000,000 Shares of the Company's Common
Stock
WARREN, Pa., Dec. 13, 2012 /PRNewswire/ -- Northwest
Bancshares, Inc. (NasdaqGS: NWBI) announced that its Board of
Directors has authorized expanding its existing stock repurchase
program to repurchase 5,000,000 additional shares, or approximately
5.2%, of the Company's outstanding common stock. The existing
stock repurchase program was initiated on September 26, 2011 and authorized the repurchase
of 4,750,000 shares of common stock, of which approximately
2,600,000 shares remain to be repurchased. The Company has
repurchased approximately 16,500,000 shares, or approximately 15%,
of its common stock, since completing its second step conversion on
December 18, 2009.
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. Founded in 1896, Northwest
Savings Bank is a full-service financial institution offering a
complete line of business and personal banking products as well as
benefits and wealth management services. Northwest operates 166
community banking offices in Pennsylvania, New
York, Ohio and Maryland and 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 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) 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.