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Northwest Acquires Penn Laurel for $33M

WARREN, PA-Penn Laurel Financial Corp. operates five CSB Banks in Pennsylvania, which will be added to Northwest Bancorp's existing 160 locations in five states.

By Marita Thomas | Updated on January 08, 2007

WARREN, PA-Northwest Bancorp Inc., the holding company for locally based Northwest Savings Bank, has agreed to acquire Curwensville-based Penn Laurel Financial Corp. in a transaction valued at $32.7 million. Penn Laurel operates five full-service CSB banking locations in Pennsylvania.

Under the agreement, shareholders of Penn Laurel will receive $31 in cash for each of their shares. Holders of options will receive in cash, the difference between $31 and the exercise price. The transaction, subject to the approval of Penn Laurel shareholders and state and federal regulatory authorities, is expected to reach completion in second quarter.

Northwest currently operates 160 community bank facilities in Pennsylvania, Maryland, New York, Ohio and Florida. Of those, eight are in Pennsylvania–one each in Clearfield and Weedville and two each in St. Marys, Johnsonburg and Ridgeway. The CSB facilities are in Clearfield, Curwensville, Coalport, DuBois and St. Marys.

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