Northwest to Buy NexTier Bank

Northwest Bancshares Inc., the holding company for Northwest Savings Bank, has announced plans to buy Butler-based NexTier Inc. and NexTier Bank.

Under the terms of the agreement, shareholders of NexTier will receive $200 in cash for each outstanding share of common stock for a net payment of about $20.3 million.

NexTier has assets of $583.7 million and shareholders’ equity of $23 million. NexTier operates 16 branches in Allegheny, Armstrong and Butler counties.

Northwest, which has assets of $8 billion, operates 171 branches in Pennsylvania, New York, Maryland, Ohio and Florida. Northwest is based in Warren.

The transaction is expected to be complete in the fourth quarter of 2010, subject to the approval of shareholders and regulatory authorities.


e-mail from Leslie A. Stewart, Northwest Savings

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