Ronald J. Seiffert, chairman, president and chief executive officer of Northwest Bancshares
WARREN, PA—Northwest Bancshares, the holding company for Northwest Bank, has successfully completed its merger with Donegal Financial Services Corporation, the holding company for Union Community Bank, expanding its branch footprint by a dozen offices in Lancaster County.
“The management teams and employees of Northwest, DFSC and UCB have worked tirelessly over the last several months to prepare for the integration of our companies,” says Ronald J. Seiffert, chairman, president and chief executive officer of Northwest Bancshares. “We believe that this transaction will help deliver value through increased operating scale in one of the most rapidly growing counties in our footprint. The combined strength of our institutions will allow us to better serve customers across all of our markets with a wide range of financial products and services, while maintaining the personal service they expect from their community bank.”
Under the terms of the merger agreement, the two shareholders, Donegal Mutual Insurance Company and Donegal Group, received payment in the form of 50% cash and 50% stock, or a total of $42.5 million and 2,462,373 shares of NWBI common stock.
The completion of the merger has resulted in a bank with approximately $10.1 billion in total assets, providing banking services through 182 locations and 205 ATMs in three states. The transaction has expanded Northwest's franchise by 12 offices in Lancaster County in eastern Pennsylvania.
Ambassador Financial Group served as financial advisor and Luse Gorman served as legal counsel to Northwest in this transaction.
Keefe, Bruyette, & Woods served as financial adviser and Duane Morris served as legal counsel to the two shareholders of DFSC.
Northwest now operates 172 full-service community banking offices and ten free standing drive-through facilities in Pennsylvania, New York, and Ohio.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
