Northwest Bancshares Closes Merger With LNB Bancorp

(RTTNews) - Northwest Bancshares, Inc. (NWBI), the holding company for Northwest Bank, said Friday that it has completed its merger with LNB Bancorp, Inc. (LNBB), the holding company for The Lorain National Bank.

Under the deal, shareholders of LNB Bancorp elected to receive either 1.461 shares of Northwest Bancshares common stock or $18.70 in cash for each share of LNB Bancorp, subject to an overall allocation of exchanged shares into 50% cash and 50% shares of stock.

The completion of the merger has resulted in a bank with about $9.0 billion in total assets, providing banking services through 182 branch locations and 297 ATMs in four states. The deal has expanded Northwest's franchise by 21 offices located in Lorain, Cuyahoga and Summit Counties in northeastern Ohio.