Investment Banking - Northwest Bancshares, Inc.
Transactions | Banking
Client: Northwest Bancshares, Inc.
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor
- LNB Bancorp, Inc. (NASDAQ: LNBB) is the bank holding company for Lorain National Bank, a $1.2 billion asset bank with 20 branches located in the Cleveland-Elyria and Akron, Ohio MSAs as of June 30, 2015.
- Northwest Bancshares, Inc. (NASDAQ: NWBI) is the bank holding company for Northwest Savings Bank, a $7.9 billion asset bank with 164 branches located throughout Pennsylvania, New York, Maryland and Ohio.
- LNBB shareholders received consideration of $18.70 in cash or 1.461 shares of NWBI common stock. NWBI paid approximately 50% of the merger consideration in stock and 50% in cash.
- The total merger consideration is approximately $179.1 million, based on NWBI’s closing price of $12.58 on August 13, 2015.
- NWBI views LNBB as an attractive entrance into the Northeast Ohio market and an opportunity to add geographic diversification.
- Upon closing, NWBI has approximately $9.0 billion in assets, based on financials as of June 30, 2015. NWBI now has 181 community banking offices and 297 ATMs across four states.
- The transaction closed on August 14, 2015.
- Boenning served as financial advisor and issued a fairness opinion to Northwest Bancshares, Inc.