WARREN, Pa., Sept. 12, 2016 /PRNewswire/ -- Northwest
Bank, a subsidiary of Northwest Bancshares, Inc. (NasdaqGS: NWBI),
announced the completion of its acquisition on September 9, 2016 of 18 full-service offices and
one free standing drive-thru facility in Western New York from First Niagara Bank,
increasing Northwest's New York
regional presence to 37 offices.
Northwest has converted the acquired offices and transitioned
all customer accounts. Those locations opened as Northwest Bank
offices on Monday morning, September 12,
2016, with 180 new team members servicing 80,000 new
customers with deposits of approximately $1.6 billion. As a result of the acquisition,
Northwest Bank now has 176 locations throughout Pennsylvania, New
York, Ohio and
Maryland.
"We are pleased to have successfully completed the most
significant acquisition in the 120 year history of our
company," said William J Wagner,
Northwest's Chief Executive Officer. "We extend a warm welcome to
our new customers as well as the employees of these offices who
will continue to serve them. This acquisition is a tremendous
opportunity for Northwest to expand its presence in western
New York, and we remain firmly
committed to playing a larger role in the future success of the
region."
Customers with questions about the transition of their accounts
are encouraged to stop by any Northwest office during business
hours; call Northwest's Customer Service at 1-877-672-5678; or
visit www.northwest.com.
Boenning & Scattergood served as financial advisor and
Luse Gorman, PC served as legal
counsel to Northwest in this transaction.
Headquartered in Warren,
Pennsylvania, Northwest Bancshares, Inc. is the holding
company of Northwest Bank. Founded in 1896, Northwest 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 167 full-service
community banking offices and nine free standing drive-thru
facilities in Pennsylvania,
New York, Ohio and Maryland and 51 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 ("NWBI"). Additional information regarding Northwest
Bancshares, Inc. and Northwest Bank can be accessed on-line at
www.northwest.com.
Forward Looking Statements
This press release
contains statements that may be considered forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements are intended to be covered by the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, and this statement is included for purposes of
complying with these safe harbor provisions. Readers should not
place undue reliance on such forward-looking statements, which
speak only as of the date made. These forward-looking statements
are based on current plans and expectations, which are subject to a
number of risk factors and uncertainties that could cause future
results to differ materially from historical performance or future
expectations. These differences may be the result of various
factors, including, among others: (1) costs or difficulties related
to the integration of the business of the acquired branches
following the closing of the transaction; (2) the risk that the
anticipated benefits, cost savings and any other savings from the
transaction may not be fully realized or may take longer than
expected to realize; (3) changes in general business, industry or
economic conditions or competition; (4) changes in any applicable
law, rule, regulation, policy, guideline or practice governing or
affecting financial holding companies and their subsidiaries or
with respect to tax or accounting principles or otherwise; (5)
adverse changes or conditions in the capital and financial markets;
(6) changes in interest rates or credit availability; (7) changes
in the quality or composition of loan and investment portfolios;
(8) adequacy of loan loss reserves and changes in loan default and
charge-off rates; (9) increased competition and its effect on
pricing, spending, third-party relationships and revenues; (10)
continued relationships with major customers; (11) deposit
attrition, necessitating increased borrowings to fund loans and
investments; (12) rapidly changing technology; (13) unanticipated
regulatory or judicial proceedings and liabilities and other costs;
(14) changes in the cost of funds, demand for loan products or
demand for financial services; and (15) other economic,
competitive, governmental or technological factors affecting
operations, markets, products, services and prices.
The foregoing list should not be construed as exhaustive, and
Northwest Bancshares, Inc. undertakes no obligation to subsequently
revise any forward-looking statements to reflect events or
circumstances after the date of such statements, or to reflect the
occurrence of anticipated or unanticipated events or
circumstances.
For additional factors that could cause actual results to differ
materially from those expressed in the forward-looking statements,
please see filings by Northwest Bancshares, Inc. with the SEC,
including Northwest Bancshares, Inc.'s Annual Report on Form 10-K
for the year ended December 31, 2015,
respectively.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/northwest-bank-completes-first-niagara-office-acquisition-300326193.html
SOURCE Northwest Bancshares, Inc.