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By Jim Martin, Doug Oathout Erie Times-News staff bloggers
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Posted: May 5th, 2010
Northwest Savings to buy Butler-based bank

Northwest Bancshares Inc., holding company for Warren-based Northwest Savings Bank, has announced plans to purchase Butler-based NexTier Inc. and NexTier Bank.
Under the terms of the agreement, shareholders of NexTier will receive $200 in cash for each outstanding share of common stock for a net payment of about $20.3 million.
NexTier, which was founded in 1878, has assets of $583.7 million and shareholders’ equity of $23 million. NexTier operates 16 bank branches in Butler, Allegheny and Armstrong counties.
Northwest, which has assets of $8 billion, operates 171 branches in Pennsylvania, New York, Maryland, Ohio and Florida.
The transaction is expected to be complete in the fourth quarter of 2010, subject to the approval of shareholders and regulatory authorities.

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