WARREN, Pa., Aug. 23 /PRNewswire-FirstCall/ -- Northwest Bancorp, Inc.
(Nasdaq: NWSB) announced today that the Company's Board of Directors
authorized the repurchase of up to 5%, or approximately one million of the
Company's publicly traded shares of common stock. The stock repurchase
program may be carried out through open market purchases, block trades, and in
negotiated private transactions. The stock may be repurchased on an ongoing
basis and will be subject to the availability of stock, general market
conditions, the trading price of the stock, alternative uses for capital, and
the Company's financial performance. Any repurchased shares will be held as
treasury stock and will be available for general corporate purposes.
President and Chief Executive Officer William J. Wagner stated, "With our
core tangible capital ratio approaching 7% and our stock trading at
comparatively low multiples, we believe we can create shareholder value by
initiating this buyback program."
A full-service financial institution with assets of approximately
$6.3 billion, Northwest Bancorp, Inc. is the parent company of Northwest
Savings Bank, which serves its customers in Pennsylvania, Maryland, New York
and Ohio with a network of 153 community banking offices. It recently
announced the proposed acquisition of a $90 million thrift with one office in
southeastern Florida.
This new release contains certain "forward-looking statements" which may
be identified by the use of words such as "believe," "expect," "anticipate,"
"should," "planned," "estimated" and "potential." Examples of forward-looking
statements include, but are not limited to, estimates with respect to our
financial condition, results of operations and business that are subject to
various factors which could cause actual results to differ materially from
these estimates and most other statements that are not historical in nature.
These factors include, but are not limited to, general and local economic
conditions, changes in interest rates, deposit flows, demand for mortgage,
commercial and other loans, real estate values, competition, changes in
accounting principles, policies, or guidelines, changes in legislation or
regulation, and other economic, competitive, governmental, regulatory, and
technological factors affecting our operations, pricing, products and
services.
SOURCE Northwest Bancorp, Inc.
-0- 08/23/2005
/CONTACT: William J. Wagner, President and Chief Executive Officer,
+1-814-726-2140, or William W. Harvey, Jr., Senior Vice President and Chief
Financial Officer, +1-814-726-2140, both of Northwest Bancorp, Inc./
/Web site: http://www.northwestsavingsbank.com/
(NWSB)
CO: Northwest Bancorp, Inc.; Northwest Savings Bank
ST: Pennsylvania, Ohio
IN: FIN
SU:
JE-CF
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7005 08/23/200511:41 EDThttp://www.prnewswire.com