Northwest Bancshares Inc. (Nasdaq: NWBI) has received final regulatory and shareholder approvals to move forward with its planned merger with Penns Woods Bancorp Inc. (Nasdaq: PWOD), the companies announced Wednesday.
The deal includes the merger of Penns Woods’ subsidiary banks—Jersey Shore State Bank and Luzerne Bank—into Northwest Bank, a wholly owned subsidiary of Northwest Bancshares. Northwest Bank, a Pennsylvania-chartered savings bank, will remain the surviving institution.
Approval was granted by the Federal Deposit Insurance Corporation, the Pennsylvania Department of Banking and Securities, and the Federal Reserve Bank of Cleveland, which issued a waiver for its merger application requirements.
Penns Woods shareholders approved the merger during a special meeting on April 22. The transaction is expected to close in late July.
Northwest Bancshares, based in Columbus, Ohio, operates 130 financial centers and 11 drive-up facilities across Pennsylvania, New York, Ohio and Indiana. Founded in 1896, Northwest Bank offers a range of personal and business banking services, as well as wealth management and employee benefit solutions.
Penns Woods Bancorp is the holding company for Jersey Shore State Bank and Luzerne Bank, serving customers in North Central and Northeastern Pennsylvania through retail and commercial banking, mortgage, and financial services.
