Northwest Bank
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1896 |
| Headquarters | Warren, Pennsylvania , United States |
Area served | Central and Western Pennsylvania, Western New York, Northeast Ohio, Appalachian Ohio, Indiana |
Key people | Ron Seiffert (CEO) |
| Products | Banking services |
| Parent | Northwest Bancshares, Inc. |
Northwest Bank is a bank based in Warren, Pennsylvania. It serves as the main subsidiary of Northwest Bancshares, Inc., a bank holding company, and operates 170 branches throughout central and Western Pennsylvania, Western New York, Northeast Ohio, Appalachian Ohio, and Indiana.
19th century
Established in 1896 in Bradford, Pennsylvania under the name Northwest Mutual Savings Association,[1] the institution laid its foundation in the regional banking sector.[2]</ref>
20th century
The bank relocated its headquarters to Warren, Pennsylvania in 1974. While operating as Northwest Mutual Savings Association, it expanded by acquiring several institutions: Ridgway Federal Savings and Loan Association (1983), Mutual Savings and Loan Association (1984), Bakerstown Savings and Loan Association (1985), Horizon Savings Association (1990), Steitz Savings and Loan Association (1990), American Federal Saving (1992), First Federal Savings Bank of Kane (1996), The First National Bank of Centre Hall (1996), Bridgeville Savings Bank (1997), and Corry Savings Bank (1998).[2]
In 1985, the bank took over four branches in southwestern Pennsylvania from Equimark, a division of Pittsburgh-based Equibank.[3]
The institution adopted the name Northwest Savings Bank in 1993, shifted regulatory supervision to the FDIC, and became a mutual savings bank.[2]
21st century
On December 18, 2009, the bank transitioned from a mutual savings bank to a joint stock company.
The brand was updated to Northwest Bank in 2015.
In August 2015, Northwest Bancshares, Inc. completed a stock and cash merger with LNB Bancorp, Inc., acquiring Lorain National Bank. This $179 million deal raised the bank’s total assets to roughly $9.0 billion.
Northwest expanded further by acquiring Best Insurance Agency, Inc. in March 2016.
On September 9, 2016, the bank incorporated 18 branches located in Western New York from First Niagara Bank, previously part of Marine Midland Bank.
In May 2017, Northwest withdrew from the Maryland market by selling its three branches to Shore United Bank. That year, its assets reached $9.5 billion, placing it 134th among U.S. banks.
In April 2020, Northwest acquired MutualFirst Financial of Muncie, Indiana through a stock and cash transaction valued at $346 million. This acquisition broadened its footprint in Indiana and increased its branch count to 221 across four states.
Following this purchase, Northwest initiated a branch optimization strategy that resulted in the closure of 40 locations across multiple states. By year-end 2020, total assets had grown to $13.8 billion.
In February 2021, while continuing operations in Warren, Pennsylvania, Northwest moved its holding company headquarters along with key executives including CEO Ron Seiffert to Columbus, Ohio.
In April 2021, Northwest divested its insurance services division to USI Insurance Services based in Valhalla, New York.