Northwest Bancshares, Inc. Commences Syndicated Community Offering And Increases Purchase Limitations

WARREN, Pa., Dec. 7 /PRNewswire-FirstCall/ -- Northwest Bancorp, Inc. (Nasdaq: NWSB) announced today that Northwest Bancshares, Inc., the proposed holding company for Northwest Savings Bank, has commenced the syndicated community offering portion of the second step conversion to sell shares of common stock not subscribed for in the subscription offering or the community offering to the general public at $10.00 per share.  The syndicated community offering is expected to conclude during the week of December 14, 2009.  Stifel, Nicolaus & Company, Incorporated is acting as sole book-running manager for the syndicated community offering.  Janney Montgomery Scott LLC, RBC Capital Markets Corporation, Sandler O'Neill & Partners, L.P. and Sterne, Agee & Leach, Inc. are acting as co-managers for the syndicated community offering.  The syndicated community offering will be conducted on a best efforts basis and none of the members of the syndicate group are required to purchase any shares in the offering.

In addition, Northwest Bancorp, Inc. announced that Northwest Bancshares, Inc. has filed prospectus supplements with the Securities and Exchange Commission increasing the maximum purchase limitation from 150,000 shares ($1.5 million) to 300,000 shares ( $3.0 million) for individual purchasers and from 600,000 shares ($6.0 million) to 1,000,000 shares ( $10.0 million) for purchasers acting together with others, in all categories of the offering combined.  Consistent with the prospectus dated November 9, 2009, only those persons who subscribed for the maximum purchase limit in the subscription offering or community offering and indicated on the stock order form a desire to purchase additional shares if the maximum purchase limits were increased will be resolicited.  Any increased orders with full payment will be due by 12:00 noon, Eastern Standard Time, on December 14, 2009.  All other eligible subscribers and community members who properly completed and timely submitted a stock order form will be allocated the number of shares of common stock requested in their stock order form.

The completion of the conversion and offering is subject to, among other things, selling a minimum of 53,975,000 shares in the offering, the receipt of all necessary final regulatory approvals, the receipt of the approval of the depositors of Northwest Savings Bank as of October 26, 2009, and receipt of the approval of the stockholders of Northwest Bancorp as of October 30, 2009.