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Northwest Bancshares closes Donegal Financial Services transaction

Warren, Pa.-based Northwest Bancshares Inc. completed its merger with Marietta, Pa.-based Donegal Financial Services Corp. and Mount Joy, Pa.-based Union Community Bank.

The two shareholders, Donegal Mutual Insurance Co. and Donegal Group Inc. received payment in the form of 50% cash and 50% stock, or a total of $42.5 million and 2,462,373 shares of Northwest Bancshares common stock.

The completion 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 Bancshares' franchise by 12 offices in Lancaster County, Pa.

Keefe Bruyette & Woods Inc. served as financial adviser and Duane Morris LLP served as legal counsel to Donegal Mutual and Donegal Group. Ambassador Financial Group Inc. served as financial adviser and Luse Gorman PC served as legal counsel to Northwest Bancshares.