Home Federal Bancorp, Inc. of Louisiana (NasdaqCM:HFBL) signed of a definitive agreement and plan of merger to acquire Northwest Bancshares Corporation (NWB) for $10.1 million on October 4, 2022. Under the terms of the Merger Agreement, First National will be merged with and into Home Federal Bank promptly following completion of the holding company merger. Northwest Bancshares shall pay a termination fee to Home Federal Bancorp in the amount of $400,000. The transaction is subject to customary closing conditions, including regulatory approvals and Northwest BancsharesÆ shareholder approval. The transaction is unanimously approved by the Boards of Directors of Home Federal Bancorp and Northwest. The transaction is expected to close in the first quarter of 2023. Home Federal Bancorp anticipates the transaction will be over 20% accretive to earnings per share after cost savings are fully realized, and accretive to tangible book value per share in approximately three years of closing. Following the merger, Home Federal BankÆs capital position is expected to remain strong with leverage and total risk-based capital ratios of approximately 8.2% and 14.2%, respectively. Raymond James & Associates, Inc. acted as financial advisor to Home Federal Bancorp and Eric M. Marion of Silver, Freedman, Taff & Tiernan LLP acted as its legal advisor in the transaction. Hillworth Bank Partners rendered a fairness opinion to Home Federal Bancorp. SEACAP Financial, LLC, acted as financial advisor to Northwest Bancshares and Bob D. Tucker of Butler Snow LLP acted as its legal advisor in the transaction.
Home Federal Bancorp, Inc. of Louisiana (NasdaqCM:HFBL) completed the acquisition of Northwest Bancshares Corporation (NWB) for $10.2 million on February 1, 2023. Under the terms of the Merger Agreement, shareholders of NWB will receive $128.16 in cash for each share of NWB common stock they hold. As of the effective time of the Merger, and in accordance with the terms of the Merger Agreement, John A. Batson, President and Chief Executive Officer of First National Bank of Benton, wholly-owned subsidiary of Northwest Bancshares Corporation was named Senior Vice President and Benton Market Manager of Home Federal Bank.