WARREN, Pa., April 14, 2014 /PRNewswire/ -- Northwest
Bancshares, Inc. (NasdaqGS: NWBI) announced the declaration of a
special cash dividend of $1.00 per
share. This dividend will be paid on May 15, 2014 to shareholders of record as of
May 1, 2014. The Company's
Chairman, William J. Wagner, noted
in making this decision "The Board of Directors recognizes the
amount of capital our company is carrying and our limited
opportunities to leverage this capital given that economic growth
is tepid and attractive acquisition opportunities are
limited. We further recognize that this payment may favorably
impact the valuation of our stock relative to tangible book value
per share which could make future acquisition opportunities more
viable. Finally, we anticipate this return of capital to our
shareholders will enhance the future return on their investment in
Northwest while providing them with additional cash flow and an
enhanced dividend yield in the current year."
The Board also emphasized that if historical earnings are
maintained, the payment of this special dividend should not affect
the payment of regular dividends for the remainder of 2014.
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, employee
benefits and wealth management services, as well as the fulfillment
of business and personal insurance needs. Northwest operates 165
community banking offices in Pennsylvania, New
York, Ohio and Maryland and 50 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; (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. 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.