Columbus, Ohio-based Northwest Bancshares is expanding in north central and northeastern Pennsylvania by acquiring Williamsport-based Penns Woods Bancorp in a $270 million stock deal.
Northwest Bancshares is the holding company for Northwest Bancorp. The $2.3 billion Penns Woods Bancorp is the multi-bank holding company for Jersey Shore State Bank and Luzerne Bank. The acquisition will add two-dozen branches to Northwest Bancshares’ footprint in seven Pennsylvania counties, linking Northwest’s presence in the eastern and western parts of the state.
The combined company is expected to have $17 billion in assets. As of Sept. 30, Penns Woods had $1.7 in total deposits and $1.9 billion in total loans. Northwest will have more than 150 branches and LPOs in four states.
The deal is expected to close in the third quarter of 2025.
Penns Woods CEO Richard Grafmyre said the merger will provide more scale and additional capabilities for customers, “and it will provide greater opportunities for our employees to advance their careers as a part of a larger organization.”
The acquisition “marks another milestone in our long-term growth strategy and executes on our strategic plan,” added Northwest Bancshares President Louis Torchi. “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.”
Philadelphia-based Janney Montgomery Scott LLC is a financial adviser to Northwest, and Cincinnati-based Dinsmore & Shohl LLP is legal advisor to the company. Little Rock-based Stephens Inc. is financial adviser to Penns Woods, and Reading, Pa.-based Stevens & Lee P.C. is its legal adviser.