Northwest Announces Agreement to Acquire Penns Woods Bancorp Inc.
December 21, 2024 at 1:00 a.m.
COLUMBUS – Northwest Bancshares Inc., the bank holding company for Northwest Bank, and Penns Woods Bancorp Inc., the multi-bank holding company of Jersey Shore State Bank and Luzerne Bank, announced they have entered into a definitive agreement and plan of merger whereby Northwest will acquire Penns Woods in an all-stock transaction valued at approximately $270.4 million.
Headquartered in Williamsport, Pa., Penns Woods has approximately $2.3 billion in assets, $1.7 billion in total deposits and $1.9 billion in total loans as of Sept. 30. The combined company is expected to have pro forma total assets in excess of $17 billion and is expected to be one of the nation’s top 100 largest banks.
Louis J. Torchio, president and CEO of Northwest, stated, “We are very excited to announce this partnership with the Penns Woods team as this transaction marks another milestone in our long-term growth strategy and executes on our strategic plan. Jersey Shore State Bank and Luzerne Bank have outstanding reputations throughout their respective markets, and we look forward to welcoming our new colleagues and their customers to the Northwest family. Through this acquisition, we look forward to building on Northwest’s rich history of community-focused banking and delivering even greater value to our customers, employees, communities and shareholders.”
COLUMBUS – Northwest Bancshares Inc., the bank holding company for Northwest Bank, and Penns Woods Bancorp Inc., the multi-bank holding company of Jersey Shore State Bank and Luzerne Bank, announced they have entered into a definitive agreement and plan of merger whereby Northwest will acquire Penns Woods in an all-stock transaction valued at approximately $270.4 million.
Headquartered in Williamsport, Pa., Penns Woods has approximately $2.3 billion in assets, $1.7 billion in total deposits and $1.9 billion in total loans as of Sept. 30. The combined company is expected to have pro forma total assets in excess of $17 billion and is expected to be one of the nation’s top 100 largest banks.
Louis J. Torchio, president and CEO of Northwest, stated, “We are very excited to announce this partnership with the Penns Woods team as this transaction marks another milestone in our long-term growth strategy and executes on our strategic plan. Jersey Shore State Bank and Luzerne Bank have outstanding reputations throughout their respective markets, and we look forward to welcoming our new colleagues and their customers to the Northwest family. Through this acquisition, we look forward to building on Northwest’s rich history of community-focused banking and delivering even greater value to our customers, employees, communities and shareholders.”