Northwest Bancshares Inc., out of Warren, announced this afternoon that it has worked out a deal to buy the much smaller NexTier Inc., based in Butler, for $20.3 million in cash.
The acquisition, expected to be completed by the end of the year if shareholders and regulators approve, is expected to bolster Northwest's market share in communities north of Pittsburgh. NexTier shareholders would receive $200 in cash for each share of common stock, under the agreement.
Northwest has assets of $8 billion and operates 171 banking facilities in Pennsylvania, New York, Maryland, Ohio and Florida, according to the company's announcement.
NexTier has assets of $583.7 million and operates 16 banking facilities in Butler, Allegheny and Armstrong counties.