Northwest Bancshares receives approvals for merger with Penns Woods Bancorp

Northwest Bancshares (NWBI) announced that it has received all regulatory and shareholder approvals required to complete the previously announced merger of Penns Woods Bancorp (PWOD) with and into Northwest and the merger of Penns Woods’ wholly-owned subsidiary banks, Jersey Shore State Bank and Luzerne Bank each with and into Northwest Bank, a Pennsylvania-chartered savings bank and wholly-owned subsidiary of Northwest, with Northwest Bank as the surviving bank. The Federal Deposit Insurance Corporation has approved the merger of Jersey Shore State Bank and Luzerne Bank with and into Northwest Bank, and the Pennsylvania Department of Banking and Securities has approved the merger of Penns Woods with and into Northwest and the merger of the subsidiary banks. In addition, the Federal Reserve Bank of Cleveland has granted Northwest a waiver of its merger application requirements. The completion of the merger is expected to take place in late July.