Northwest Bancshares (NASDAQ: NWBI) has officially closed its acquisition of Penns Woods Bancorp (NASDAQ: PWOD), reinforcing its banking presence in Pennsylvania with 21 additional branches and further consolidating its footprint across the Northeast and Midwest.

Effective July 25, 2025, Penns Woods and its two subsidiary banks—Jersey Shore State Bank and Luzerne Bank—have been merged into Northwest Bank, Northwest’s Pennsylvania-chartered savings institution. All former Penns Woods locations are now operating under the Northwest Bank brand.

The merger pushes Northwest’s total branch count to 151 financial centers across Pennsylvania, New York, Ohio, and Indiana, tightening its regional hold in a consolidating banking landscape where local scale still matters.

Strategic Growth with a Local Edge

“The integration of Penns Woods strengthens our commitment to Pennsylvania communities,” said Louis J. Torchio, President and CEO of Northwest. “Together, we are better positioned to deliver value to shareholders and offer a broader range of products and services to our customers.”

Alongside the expanded footprint, the merger brings a new voice to Northwest’s leadership: Richard A. Grafmyre, former CEO of Penns Woods, has been appointed to the Boards of Northwest Bancshares and Northwest Bank.

A Broader Trend in Regional Banking

The move is part of a broader wave of regional bank consolidation, as institutions seek scale to compete with national banks and rising tech-enabled challengers. Amid increasing compliance costs and evolving customer expectations, banks like Northwest are looking to grow both reach and efficiency through acquisition.

This merger gives Northwest more geographic density in North Central and Northeastern Pennsylvania, positioning it to better compete in smaller markets that are often underserved by national players—but where brand loyalty and community presence still carry weight.

What’s Next: Earnings and Outlook

Northwest will share more details on its second-quarter performance and integration outlook in an earnings call on Wednesday, July 30 at 8:30 a.m. EDT. Financial results will be released after markets close on Tuesday, July 29.

Interested parties can register for the webcast via the Investor Relations page. A replay will also be made available for those who can’t attend live.

With rebranding and data conversions already completed over the July 26–27 weekend, the merged entity is now fully operational under the Northwest banner.

This merger not only signals a commitment to long-term regional dominance, but it also aligns with a broader industry theme: bigger, tech-savvier, and closer to customers—at least in places where physical branches still matter.

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