Northwest Bancshares, Inc. (NasdaqGS:NWBI) entered into a definitive agreement to acquire an Penns Woods Bancorp, Inc. (NasdaqGS:PWOD) for approximately $260 million on December 16, 2024. Under the terms of the Agreement, Northwest will exchange shares of its common stock for all of the outstanding shares of Penns Woods common stock. Penns Woods shareholders will be entitled to receive 2.385 shares of Northwest common stock for each share of Penns Woods common stock they own upon the effective time of the merger. Upon completion of the merger, the shares issued to Penns Woods shareholders are expected to comprise approximately 12% of the outstanding shares of the combined company. At closing, Jersey Shore State Bank and Luzerne Bank branches will become branches of Northwest Bank. Northwest will appoint Richard A. Grafmyre to the boards of Northwest and Northwest Bank after closing.