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Warren, Pa.-based Northwest Bancorp Inc. (MHC) said Aug. 27 that it plans to undergo a second-stage stock offering, converting to a fully public structure.
The boards of directors of Northwest Bancorp, top-tier holding company Northwest Bancorp MHC and unit Northwest Savings Bank (MHC) have unanimously adopted the plan of conversion and reorganization.
The top-tier holding company, which owns approximately 63% of Northwest Bancorp Inc.'s common stock, will be merged with and into Northwest Savings Bank, and its shares in Northwest Bancorp Inc. will be retired.
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