Northwest Bancorp announces conversion plan
WARREN, Pa. — Northwest Bancorp Inc. said Friday that its banking subsidiary, Northwest Savings Bank, will seek to convert from its current two-tier mutual holding company structure to a stock holding company structure.
As part of the reorganization, the bank will undertake a “second-step” offering of new shares of common stock.
Northwest Bancorp said that its board as well as the boards of Northwest Savings and Northwest Bancorp MHC have unanimously adopted a plan of conversion and reorganization. Northwest Bancorp MHC owns about 63 percent of the holding company’s outstanding shares.
Under the reorganization, Northwest Bancorp MHC will be merged into Northwest Savings, and its shares in the parent, Northwest Bancorp, will be retired.
Shareholders, other than Northwest Bancorp MHC, will receive shares in a new corporation that will become Northwest Savings’ new holding company. A share exchange ratio will be determined based upon an independent appraisal of the new holding company.
The headquarters will remain in Warren. The new holding company will offer its shares of common stock in an amount representing the approximate percentage ownership held by Northwest Bancorp MHC, also based on an appraisal of the company.
The shares will be offered and sold to Northwest Savings’ eligible depositors as of June 30, 2008, to Northwest Savings Bank’s tax-qualified employee benefit plans, and to the general public.
The conversion would also establish the Northwest Charitable Foundation, an endowment for Northwest Savings Bank’s commitment to its communities. Northwest Savings has 167 branches in Pennsylvania, New York, Ohio, Maryland and Florida.
The proposed transactions are subject to approval by shareholders and regulators. Special shareholder meetings are expected to be held at the end of this year’s fourth quarter.
The bank said its normal business operations “will continue without interruption during the conversion and offering process,” which will not affect terms and conditions of deposit accounts and loans.
Shares of Northwest Bancorp fell 1 cent to $20.60 in afternoon trading.
Related News
Southwest Bancorp announces quarterly dividend of 23.8 centsAugust 28th, 2009 Southwest Bancorp announces quarterly dividendSTILLWATER, Okla. — Southwest Bancorp Inc.
Indiana Community Bancorp slashes quarterly dividend from 12 cents per share to 1 centAugust 26th, 2009 Indiana Community Bancorp slashes dividendCOLUMBUS, Ind. — Indiana Community Bancorp said Wednesday it will cut its quarterly dividend to 1 cent per share from the previous 12 cents per share in a move to retain capital.
The Bancorp says underwriters bought another 1.5 million shares, total offering raised $66.1MAugust 25th, 2009 The Bancorp underwriters buy 1.5 million sharesWILMINGTON, Del. — The Bancorp Inc.
Northrim BanCorp declares regular quarterly dividend of 10 cents per share, payable Sept. 18August 25th, 2009 Northrim BanCorp sets dividend of 10 centsANCHORAGE, Alaska — Northrim BanCorp Inc. on Monday said its board declared a quarterly dividend of 10 cents per share.
Community Partners Bancorp announces 3 percent stock dividend payable Oct. 23August 25th, 2009 Community Partners Bancorp approves stock dividendMIDDLETOWN, N.J. — Community Partners Bancorp, the parent company of Two River Community Bank, said Tuesday its board has approved a 3 percent stock dividend.
Tower Bancorp board gives CEO Andrew Samuel the additional title of chairmanAugust 19th, 2009 Tower Bancorp CEO to be given chairman titleHARRISBURG, Pa. — Tower Bancorp Inc.
The Bancorp expects gross proceeds of $57.5 million from stock saleAugust 14th, 2009 The Bancorp offers 10 million sharesWILMINGTON, Del. — The Bancorp Inc.
Clifton Savings Bancorp says Peto and Smith re-elected to board for 3-year termsAugust 14th, 2009 2 of Clifton Savings board members re-electedCLIFTON, N.J. — Clifton Savings Bancorp Inc.
CNB Financial Corp. of Worcester opts for merger with UFB, ends merger with Berkshire BankJune 26th, 2009 CNB Financial of Worcester opts for UFB mergerWORCESTER, Mass. — CNB Financial Corp.
S&P cuts ratings on 22 banks amid concern over further weakening in financial sectorJune 17th, 2009 Standard & Poor's cuts ratings on 22 banksNEW YORK — Credit ratings agency Standard & Poor's on Wednesday cut ratings and revised outlooks on 22 banks amid concern about further weakening in the financial sector. S&P said the changes reflected its assessment that volatility will remain in the financial sector and the industry is expected to face tighter regulatory oversight.
Danvers Bancorp in Mass. to acquire Beverly National Corp. in $62 million dealJune 17th, 2009 2 Mass. banks combine in $62 million dealDANVERS, Mass. — Two banks on the North Shore of Boston are combining.
S&P cuts ratings on 18 banks amid concern over further weakening in financial sectorJune 17th, 2009 Standard & Poor's cuts ratings on 18 banksNEW YORK — Credit ratings agency Standard & Poor's on Wednesday cut ratings on 18 banks amid concern about further weakening in the financial sector. S&P said the changes reflected its assessment that volatility will remain in the financial sector and the industry is expected to face tighter regulatory oversight.
US Bancorp, Capital 1, BB&T plan common stock offerings to repay gov't fundsMay 11th, 2009 3 banks plan stock offerings to repay gov't fundsNEW YORK — Three banks that have received a clean bill of health from the government have announced plans to raise capital to help repay government funds received last fall. U.S. Bancorp, Capital One Financial Corp.
Fifth Third Bancorp posts loss in first quarter as loan losses riseApril 23rd, 2009 Fifth Third Bancorp reports loss in 1QCINCINNATI — Fifth Third Bancorp says it posted a loss in the first quarter including preferred dividends, as rising losses on commercial loans hurt the large Midwest regional bank. The Cinncinnati-based bank said Thursday it lost $26 million, or 4 cents, per share, compared with a profit of $286 million, or 54 cents per share, a year earlier, including preferred dividends.
India, US sign biofuel cooperation agreementFebruary 2nd, 2009 NEW DELHI - India and the US signed an agreement for cooperation in production and marketing of biofuels here Tuesday. As per a government release, the agreement's purpose 'is to establish a framework of cooperation covering scientific, technical and policy aspects of production, conversion, utilisation, distribution and marketing of biofuels in a sustainable and environmentally friendly manner'.
Loading ...