WARREN, Pa., Sept. 14, 2020 /PRNewswire/ -- On
September 14, 2020, Northwest
Bancshares, Inc. (the "Company") announced plans to optimize its
branch network as part of its ongoing efforts to accommodate
changing customer behaviors while also recognizing operating
efficiencies. The Company plans to close 42 of its 205
full-service offices, or approximately 20%, throughout its
footprint, one free-standing drive-through and one business office
beginning Monday, December 14 through
Friday, December 18, 2020.
![(PRNewsfoto/Northwest Bancshares, Inc.) (PRNewsfoto/Northwest Bancshares, Inc.)](https://mma.prnewswire.com/media/1019366/Northwest_Bancshares_Logo.jpg)
In making this announcement, Ronald J.
Seiffert, Chairman, President and CEO, noted, "Our
customers' banking preferences continue to evolve to favor a more
digital banking experience and the COVID-19 pandemic has magnified
and accelerated these preferences. This branch optimization
plan reflects our ongoing efforts to ensure we are well positioned
in our industry to provide the community bank experience that is
valued by our customer base while also enhancing our strong digital
and mobile banking presence. We are confident in the
abilities of our dedicated employees to continue to provide our
loyal customers and communities the award-winning services they
deserve."
In connection with this plan, the Company anticipates
approximately $12 million in pre-tax
costs which are expected to be recognized during the second half of
2020. The annual reduction in pre-tax operating expenses
beginning in 2021 are estimated to be approximately $13 million.
About Northwest Bancshares, Inc.
Headquartered in Warren,
Pennsylvania, Northwest Bancshares, Inc. is the holding
company of Northwest Bank. Founded in 1896, Northwest Bank is
a full-service financial institution offering a complete line of
business and personal banking products, employee benefits and
wealth management services, as well as the fulfillment of business
and personal insurance needs. The Company operates 205 full-service
community banking offices and eight free standing drive-through
facilities in Pennsylvania,
New York, Ohio and Indiana. Northwest Bancshares, Inc.'s common
stock is listed on the NASDAQ Global Select Market ("NWBI").
Additional information regarding Northwest Bancshares, Inc. and
Northwest Bank can be accessed online at
www.northwest.com.
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SOURCE Northwest Bancshares, Inc.