8-K
Northwest Bancshares, Inc. (NWBI)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 14, 2020
Northwest Bancshares, Inc.
(Exact name of registrant as specified in its charter)
| Maryland | 001-34582 | 27-0950358 | ||
|---|---|---|---|---|
| (State or other jurisdiction | (Commission File No.) | (I.R.S. Employer | ||
| of incorporation) | Identification No.) | |||
| 100 Liberty Street | Warren | Pennsylvania | 16365 | |
| --- | --- | --- | --- | |
| (Address of principal executive office) | (Zip code) |
Registrant’s telephone number, including area code: (814) 726-2140
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, 0.01 Par Value | NWBI | NASDAQ Stock Market, LLC |
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
Indicate by a check mark whether the registrant is an emerging growth company as defined in rule 405 of the Securities Act of 1933 ( § 230.405 of this chapter) or rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange act. ☐
Item 8.01 Other Events
On September 14, 2020, Northwest Bancshares, Inc. issued a press release announcing its branch optimization plan. A copy of the release in included as exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Press release dated September 14, 2020 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| NORTHWEST BANCSHARES, INC. | ||||
|---|---|---|---|---|
| DATE: | September 14, 2020 | By: | /s/ William W. Harvey, Jr. | |
| William W. Harvey, Jr. | ||||
| Chief Financial Officer |
Document
EXHIBIT 99.1
PRESS RELEASE OF NORTHWEST BANCSHARES, INC.
FOR IMMEDIATE RELEASE
| Contact: | Ronald J. Seiffert, Chairman, President and Chief Executive Officer (814) 726-2140 |
|---|---|
| William W. Harvey, Jr., Senior Executive Vice President and Chief Financial Officer (814) 726-2140 |
Northwest Bancshares, Inc. Announces Branch Optimization Plan
Warren, Pennsylvania – September 14, 2020
On September 14, 2020, Northwest Bancshares, Inc. (the “Company”) announced plans to optimize its branch network as part of its ongoing efforts to accommodate changing customer behaviors while also recognizing operating efficiencies. The Company plans to close 42 of its 205 full-service offices, or approximately 20%, throughout its footprint, one free-standing drive-through and one business office beginning Monday, December 14 through Friday, December 18,^^2020.
In making this announcement, Ronald J. Seiffert, Chairman, President and CEO, noted, “Our customers’ banking preferences continue to evolve to favor a more digital banking experience and the COVID-19 pandemic has magnified and accelerated these preferences. This branch optimization plan reflects our ongoing efforts to ensure we are well positioned in our industry to provide the community bank experience that is valued by our customer base while also enhancing our strong digital and mobile banking presence. We are confident in the abilities of our dedicated employees to continue to provide our loyal customers and communities the award-winning services they deserve.”
In connection with this plan, the Company anticipates approximately $12 million in pre-tax costs which are expected to be recognized during the second half of 2020. The annual reduction in pre-tax operating expenses beginning in 2021 are estimated to be approximately $13 million.
About Northwest Bancshares, Inc.
Headquartered in Warren, Pennsylvania, Northwest Bancshares, Inc. is the holding company of Northwest Bank. Founded in 1896, Northwest Bank is a full-service financial institution offering a complete line of business and personal banking products, employee benefits and wealth management services, as well as the fulfillment of business and personal insurance needs. The Company operates 205 full-service community banking offices and eight free standing drive-through facilities in Pennsylvania, New York, Ohio and Indiana. Northwest Bancshares, Inc.’s common stock is listed on the NASDAQ Global Select Market (“NWBI”). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed online at www.northwest.com.