08:51 AM EST, 12/17/2024 (MT Newswires) -- Northwest Bancshares ( NWBI ) has struck an agreement to acquire Penns Woods Bancorp ( PWOD ) in an all-stock deal valued at about $270.4 million, the companies said Tuesday.

Under the terms of the agreement, Penns Woods stockholders will be entitled to get 2.385 shares of Northwest common shares for each Penns Woods stock they hold, the companies said.

The bank holding firms said they intend to close the deal, which has already been unanimously approved by their boards, in Q3 2025.

Upon closing, Penns Woods' Jersey Shore State Bank and Luzerne Bank will become Northwest Bank branches.

The transaction is expected to be about 23% accretive to Northwest's 2026 fully diluted earnings per share, according to the companies.