SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 14, 1998
Northwest Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 0-23817 23-2900888
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
Registrant's telephone number, including area code:
(814) 726-2140
Not Applicable
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
On August 14, Northwest Bancorp, Inc. announced the
finalization of an agreement by its wholly owned subsidiary,
Northwest Savings Bank, to purchase 8 branch offices from
National City Bank of Pennsylvania. A copy of the press release
is filed as an exhibit.
Item 7. Financial Statements, Pro Forma Financial Information,
and Exhibits
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, hereunto duly authorized.
NORTHWEST BANCORP, INC.
DATE: August 19, 1998 By:
------------------------
Gregory C. LaRocca, Vice
President and Corporate
Secretary
(Duly Authorized
Representative)
Northwest Savings Bank to Purchase National City Offices
WARREN, Pa., Aug. 14--Northwest Savings Bank, a subsidiary of
Northwest Bancorp, Inc. (Nasdaq: NWSB), has announced the
finalization of an agreement to purchase eight offices from
National City Bank of Pennsylvania. William J. Wagner, President
and CEO of Northwest Savings Bank, made the announcement.
The offices involved in the transaction serve the Pennsylvania
communities of Union City and Summit Township in Erie County, New
Bethlehem in Clarion County, Clearfield in Clearfield County,
Pleasantville in Venango County, Wampum in Lawrence County, and
Fredericktown and McDonald in Washington County.
Under the terms of the agreement, Northwest will purchase the
office facilities with deposits of $198 million as well as any
lines of credit relating to the deposits. National City will
retain all other loans now serviced centrally by the bank.
Deposits will continue to be insured by the FDIC and all eight
offices will continue to serve existing and new customers in
their respective communities.
All National City employees at the respective offices will join
Northwest and remain available to serve their customers.
Plans call for the transfer, which is subject to regulatory
approval, to take place in the fourth quarter of this year.
Financial terms of the agreement were not disclosed.
Mr. Wagner stated that his company is excited about this
opportunity. "These eight offices will complement and expand our
community banking network in western Pennsylvania," he said. "As
a community-oriented bank, Northwest Savings has grown and
prospered by providing banking services to Pennsylvania's
smaller, rural communities. We're a community bank, and we are
eager to extend Northwest's services to customers in these new
communities."
Founded in 1896 and headquartered in Warren, Pennsylvania,
Northwest Savings Bank currently holds over $2.5 billion in
assets and operates 69 community banking offices in 21 counties
across wester and central Pennsylvania.
National City of Pennsylvania, with more than 238 banking offices
in 21 western Pennsylvania counties, is the Pennsylvania banking
subsidiary of National City Corporation (NYSE: NCC). National
City Corporation is an $81 billion bank holding company based in
Cleveland, Ohio. The bank offers a full range of financial
services, ranging from investment banking and brokerage services
to traditional banking services for individuals and businesses.
National City has branch offices in the states of Ohio,
Pennsylvania, Michigan, Indiana, Kentucky, and Illinois.
National City can be found on the World Wide Web at
http://www.national-city.com.
