Northwest Bancshares, the holding company for Northwest Bank, has agreed to acquire US-based Penns Woods Bancorp in an all-stock deal worth around $270.4m. Penns Woods reported $1.7bn in total deposits, about $2.3bn in assets, and $1.9bn in total loans as of 30 September 2024.

Northwest Bancshares, Inc., the bank holding company for Northwest Bank, and Penns Woods Bancorp, Inc. jointly announced Tuesday they have entered into a definitive Agreement and Plan of Merger. Northwest will acquire Penns Woods in an all-stock transaction valued at approximately $270.

The Columbus, Ohio-based bank said its all-stock bid for Penns Woods Bancorp would expand its footprint and give it $1.7 billion of deposits and $1.9 billion of loans.