WARREN, Pa., Nov. 27, 2013 /PRNewswire/ -- Northwest
Savings Bank has signed a definitive agreement to acquire Evans
Capital Management, Inc. (ECM), an Erie,
Pennsylvania based financial advisory firm that manages or
administers over $240 million in
assets. The transaction is expected to close on January 1, 2014.
After that date, ECM will continue to operate under the
management of its founder, Jeffrey W.
Evans and current Partners Arthur A. Laneve and Steven T. Erhartic as a wholly-owned subsidiary
of Northwest Savings Bank from its current location at 4740 Peach
Street in Erie. The company's ten
staff members will continue to serve their clients in western
Pennsylvania as they have in the
past. Mr. Evans stated: "We are pleased to affiliate with Northwest
Savings Bank. We look forward to introducing new bank services to
our valued clients and to helping to expand the bank's wealth
management and financial planning activities throughout its
footprint."
Speaking for Northwest, Gregory C.
LaRocca, Executive Vice President stated, "We are extremely
pleased to be able to partner with ECM and its staff. This
combination will bring the expanded services of a larger
organization to ECM's customers and it will significantly enhance
Northwest's wealth management activities in western Pennsylvania." Upon completion of the
transaction Northwest will hold nearly $2
billion in assets under management or
administration.
Founded in 1983, Evans Capital Management specializes in
comprehensive financial planning services for individuals, profit
sharing and 401(k) plans, trusts, estates, charitable organizations
and small business. The firm serves all of Northwestern Pennsylvania and has an extensive
list of individual, business, non-profit and public clients.
Northwest has also agreed to acquire Employee Benefit Resources
(EBR), an employee benefits and consulting insurance firm owned by
Mr. Evans and his son, Jeffrey G.
Evans. The EBR staff will become employees of
Northwest Insurance Services and remain in place to serve EBR's
existing customers.
Northwest Savings Bank is a full-service financial institution
founded in 1896. It offers a complete line of business and personal
banking products, employee benefits and wealth management services,
as well as the fulfillment of business and personal insurance
needs. Northwest operates 166 community banking offices in
Pennsylvania, New York, Ohio and Maryland and 50 consumer finance offices in
Pennsylvania through its
subsidiary, Northwest Consumer Discount Company. The common stock
of the bank's parent company, Northwest Bancshares, Inc., is listed
on the NASDAQ Global Select Market under the symbol, "NWBI."
Additional information regarding Northwest Bancshares, Inc. can be
accessed on-line at www.northwestsavingsbank.com.
SOURCE Northwest Savings Bank