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Northwest Bancorp, Inc. Announces Adoption of Plan of Conversion and Reorganization.

Publication: Insurance Weekly News
Publication Date: 11-SEP-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Northwest Bancorp, Inc. (the "Company") (NASDAQ:NWSB), the holding company for Northwest Savings Bank, announced that the Boards of Directors of Northwest Bancorp, MHC (the "MHC"), the Company and Northwest Savings Bank have unanimously adopted a Plan of Conversion and Reorganization (the "Plan of Conversion") pursuant to which Northwest Savings Bank will reorganize from the two-tier mutual holding company to the stock holding company structure and will undertake a "second-step" stock offering of new shares of common stock.

As part of the reorganization, the MHC, which owns approximately 63.0% of the outstanding common stock of the Company, will be merged with and into Northwest Savings Bank and its shares in the Company will be retired. Shareholders of...

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