Northwest Bank

From Wikipedia, the free encyclopedia
Northwest Bancshares, Inc.
TypePublic company
Nasdaq: NWBI
S&P 600 component
IndustryBanking
Founded1896; 126 years ago (1896)
HeadquartersWarren, Pennsylvania
Key people
 Ronald J. Seiffert, President & CEO
William W. Harvey, Jr., CFO
Total assetsIncrease $13.806 billion (2020)
Total equityIncrease $1.539 billion (2020)
Number of employees
2,421 (2020)
Websitewww.northwest.bank
Footnotes / references
[1]
Northwest branch footprint in the United States in 2016, centered on western Pennsylvania

Northwest Bank is a bank headquartered in Warren, Pennsylvania. It is the leading subsidiary of Northwest Bancshares, Inc., a bank holding company. It operates 170 branches in central and western Pennsylvania, western New York, eastern Ohio, and Indiana.

History[]

The bank was founded in 1896 in Bradford, Pennsylvania.[1] At that time, the bank was known as Northwest Mutual Savings Association.[2]

In 1974, the bank moved its headquarters to Warren, Pennsylvania.

In more recent times, while still known as Northwest Mutual Savings Association, the bank acquired a number of other financial institutions including: Ridgeway Federal Savings and Loan Association in 1983; Mutual Savings and Loan Association in 1984; Bakerstown Savings and Loan Association in 1985; Horizon Savings Association in 1990; Steitz Savings and Loan Association in 1990; American Federal Saving in 1992; First Federal Savings Bank of Kane in 1996; The First National Bank of Centre Hall in 1996; Bridgeville Savings Bank in 1997; and Corry Savings Bank in 1998.[2] In 1985, the bank acquired four southwestern Pennsylvania branches from subsidiary Pittsburgh-based .[3]

In 1993, the bank changed its name for the first time when it became Northwest Savings Bank.[2] It also changed its regulatory agency to the FDIC and became a mutual savings bank.[2]

On December 18, 2009, the bank converted from a mutual savings bank to a joint stock company.[1]

In 2015, the bank changed its name to the present Northwest Bank.[2]

In August 2015, the bank's holding company, , merged with LNB Bancorp, Inc., in a stock and cash deal and acquired Lorain National Bank.[4] The transaction value was approximately $179 million, and resulted in a bank with approximately $9.0 billion in total assets.

In March 2016, Northwest Bank acquired .[5]

On September 9, 2016, the bank acquired 18 branches in western New York from First Niagara Bank, which was about to be acquired by KeyBank.[1][6]

In May 2017, Northwest Bank exited the Maryland market by selling all 3 remaining branch locations to locally-based .[7] In 2017, the bank’s assets were valued at $9.5 billion and the bank was ranked number 134 in the whole country.[2]

In April 2020, the bank acquired , a Muncie, Indiana-based bank, in a stock and cash deal valued at $346 million.[8] The transaction expanded Northwest's footprint into the Indiana market, and gave the bank a total of 221 branches across four states.[9]

Following that acquisition, Northwest Bank enacted a 'branch optimization plan', closing 40 branches spread across its multi-state footprint.[10] In 2020, the bank's assets were valued at $13.8 billion.

In February 2021, the bank officially moved the headquarters for its holding company from Warren, PA to Columbus, Ohio, relocating several key executives including CEO Ron Seiffert.[11]

In April 2021, Northwest announced the sale of its insurance services business to ,[12] based in Valhalla, New York. [13]

References[]

  1. ^ a b c d "Northwest Bancshares, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c d e f "Northwest Savings Bank: History of Northwest Bank".
  3. ^ "Equibank concluded the restructuring of its branch system Tuesday" (Press release). UPI. May 21, 1985.
  4. ^ "Northwest Bancshares, Inc. Completes Merger with LNB Bancorp, Inc" (Press release). PR Newswire. August 14, 2015.
  5. ^ "Northwest to Acquire Best Insurance Agency, Inc" (Press release). PR Newswire. March 22, 2016.
  6. ^ "Northwest Bank Completes First Niagara Office Acquisition" (Press release). PR Newswire. September 12, 2016.
  7. ^ "Northwest Bank Completes Sale of Maryland Offices" (Press release). PR Newswire. May 22, 2017.
  8. ^ "Northwest Bancshares, Inc. Completes Merger with MutualFirst Financial, Inc" (Press release). PR Newswire. April 24, 2020.
  9. ^ "Northwest Bancshares to buy MutualFirst Financial for $346m" (Press release). . October 30, 2019.
  10. ^ "Northwest Bank to close more than 40 locations". . Sep 15, 2020.
  11. ^ "Northwest Bank Relocates Holding Company to Columbus, Ohio". 11 February 2021.
  12. ^ USI Insurance Services, Valhalla, NY - Linked in
  13. ^ "USI Insurance Services to acquire Northwest Bank's insurance business".
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