SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
NORTHWEST BANCORP, INC.
(Name of Issuer)
COMMON STOCK, $.10 PAR VALUE PER SHARE
(Title of Class of Securities)
667328 10 8
(CUSIP Number)
Kenneth R. Lehman, Esq.
Luse Lehman Gorman Pomerenk & Schick
A Professional Corporation
Suite 400
5335 Wisconsin Avenue, N.W.
Washington, D.C. 20015
(202) 274-2000
(Name, Address, Telephone number of Person Authorized to Receive Notices and
Communications)
February 19, 1999
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and if filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box.
(Continued on following pages)
Page 1 of 6 Pages
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CUSIP NO. 667328 10 8 Page 2 of 6 Pages
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Northwest Bancorp, MHC EIN: 25-0368460
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a)
(b)
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS PURSUANT TO ITEMS 2(D)
OR 2(e)
Not Applicable
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
VOTING POWER
32,728,313
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SHARED VOTING POWER
-0-
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER
32,728,313
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SHARED DISPOSITIVE POWER
-0-
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,728,313
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
69.1%
14. TYPE OF REPORTING PERSON
HC
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CUSIP NO. 667328 10 8 Page 3 of 6 Pages
Item 1. Security and Issuer
The securities as to which this Schedule 13D ("Schedule") relates are
shares of common stock, $.10 par value per share ("Common Stock"), of Northwest
Bancorp, Inc., a Pennsylvania stock corporation (the "Issuer"). The address of
the Issuer's principal executive office is Liberty Street & Second Avenue,
Warren, Pennsylvania.
Item 2. Identity and Background
This Schedule is filed on behalf of Northwest Bancorp, MHC, a Pennsylvania
chartered mutual holding company (the "Company"). The Company's principal
business is to hold the majority of the Issuer's shares of Common Stock. The
business address of the Company is Liberty Street & Second Avenue, Warren,
Pennsylvania.
Pursuant to General Instruction C of Schedule 13D, the following
information is being provided with respect to each executive officer and
director of the Company ("Insiders"):
Directors
Name Ocupation
John O. Hanna President and Chief Executive Officer,
Northwest Bancorp,Inc.
Richard L. Carr Retired
William J. Wagner President and Chief Executive Officer,
Northwest Savings Bank
Robert G. Ferrier President, Ferrier Hardware, Inc. and
Drexel Realty
Richard E. McDowell President, University of Pittsburgh at
Bradford
Joseph T. Stadler Retired
Walter J. Yahn Chairman and Chief Executive Officer,
Erie Advanced Manufacturing Company
Thomas K. Creal, III Partner, Creal Hyde & Larson
John J. Doyle President, Perry Construction Company
John S. Young Retired
Executive Officers Who Are Not Directors
Name Current Position
Gregory C. LaRocca Senior Vice President and Corporate
Secretary
James E. Vecellio Senior Vice President
(d) During the past five years, neither the Company nor the Insiders have
been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
(e) During the past five years, neither the Company nor the Insiders have
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject
to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities
laws or a finding of any violation with respect to such laws.
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CUSIP NO. 667328 10 8 Page 4 of 6 Pages
(f) All of the Insiders are U.S. citizens.
Item 3. Source and Amount of Funds or Other Consideration
On February 19, 1999, the Company announced that its Board of Trustees
authorized a plan to use available cash to purchase up to 750,000 additional
shares of the Issuer's common stock via open market transactions. Information
with respect to any purchases of Common Stock by the Insiders will be filed with
the SEC pursuant to the requirements of Section 16(a) of the Exchange Act.
Item 4. Purpose of Transaction
The Company's purchase of additional shares of the outstanding common stock
of the Issuer is for the purpose of increasing the percentage of the Issuer
owned by the Company, and for investment. The Company intends to exercise its
rights as majority stockholder. Neither the Company nor the Insiders currently
have any plans or proposals which relate to or would result in: (a) other than
as announced in the press release filed as an exhibit, the acquisition by any
person of additional securities of the Issuer or the disposition of securities
of the Issuer; (b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of its subsidiaries;
(c) a sale or transfer of a material amount of assets of the Issuer or any of
its subsidiaries; (d) any change in the present Board of Directors or management
of the Issuer, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board; (e) any material
change in the present capitalization or dividend policy of the Issuer; (f) any
other material change in the Issuer's business or corporate structure; (g)
changes in the Issuer's articles of incorporation, constitution, bylaws or
instruments corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person; (h) causing a class of
securities of the Issuer to be deleted from a national securities exchange or to
cease to be authorized or quoted in an inter-dealer quotation system of a
registered national securities association; (i) a class of equity securities of
the Issuer becoming eligible for termination of registration pursuant to Section
12(g)(4) of the Exchange Act; or (j) any action similar to any of those
enumerated above.
In the future, the Company and/or the Insiders may determine to purchase
additional shares of the Issuer's Common Stock (or other securities of the
Issuer) or the Company and/or the Insiders may determine to sell shares of the
Issuer's Common Stock. Any such determination will depend on a number of
factors, including market prices, the Issuer's prospects and alternative
investments.
Item 5. Interest in Securities of the Issuer
a. As of February 19, 1999, the Company directly and beneficially owned
32,728,313 shares of the Issuer's Common Stock, which represented 69.1% of the
issued and outstanding shares of Common Stock on such date. Information with
respect to the number and percentage of shares owned by Insiders has been or
will be filed with the SEC pursuant to Section 16(a) of the Exchange Act.
b. The Company has the sole power to vote and the sole power to dispose of
the shares of Common Stock owned by it, subject to the requirement under
Pennsylvania law that the Company at all times hold a majority of the shares of
the Issuer's issued and outstanding Common Stock. Information with respect to
the voting and dispositive power of Insiders with respect to the Issuer's Common
Stock has been or will be filed with the SEC pursuant to Section 16(a) of the
Exchange Act.
c. The Company has not effected any transaction in the Issuer's Common Stock
within the past 60 days. Information with respect to transactions by Insiders
with respect to the Issuer's Common Stock has been filed with the SEC pursuant
to Section 16(a) of the Exchange Act.
d. No person or entity other than the Company has the right to receive, or
the power to direct the receipt of, dividends from, or the proceeds from the
sale of, the shares of the Issuer's Common Stock reported in this Schedule.
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CUSIP NO. 667328 10 8 Page 5 of 6 Pages
e. Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
As of the date of this Schedule, neither the Company nor any of the Insiders
is a party to any contract, arrangement, understanding or relationship among
themselves or with any other person with respect to any securities of the
Issuer, including but not limited to transfer or voting of any of the Common
Stock, finder's fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, division of profits or loss, the giving or
withholding of proxies, or otherwise subject to a contingency the occurrence of
which would give another person voting or investment power over the Common
Stock. Certain insiders have received options and recognition plan share awards.
Such options and stock awards are reflected in such insider reports filed with
the SEC pursuant to Section 16(a) of the Exchange Act.
Item 7. Material to be Filed as Exhibits
Press release of the announcement of the Company's intention to purchase
additional shares of the Issuer.
SIGNATURE
After reasonable inquiry and to the best of the knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
Statement on Schedule 13D is true, complete and correct.
NORTHWEST BANCORP, MHC
By: \s\ Gregory C. LaRocca
_______________________
Gregory C. LaRocca, Senior Vice President
and Corporate Secretary (Duly Authorized
Representative)
Date: February 19, 1999
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CUSIP NO. 667328 10 8 Page 6 of 6 Pages
EXHIBIT 1
PRESS RELEASE
Northwest Bancorp, MHC Authorizes Increasing Ownership In Northwest Bancorp,
Inc.
WARREN, Pa., February 19, 1999 -- Northwest Bancorp, MHC, a mutual bank holding
company and the majority shareholder of Northwest Bancorp, Inc. (Nasdaq: NWSB)
has announced that its Board of Trustees has authorized a plan to use available
cash to purchase up to 5%, or approximately 750,000 shares, of the 14,625,665
publicly traded common shares of Northwest Bancorp, Inc. via open market
transactions. Such purchases are authorized to be made by the mutual holding
company from time to time during the next twelve months as, in the opinion of
management, market conditions warrant.
Northwest Bancorp, MHC currently owns 32,728,313 shares or 69.1% of the
47,353,978 outstanding common shares of Northwest Bancorp, Inc. and this
proposed purchase would increase its ownership to approximately 70.7%. Shares
purchased by Northwest Bancorp, MHC will remain outstanding and will not become
treasury shares. Northwest Bancorp, Inc., headquartered in Warren, Pennsylvania,
is the holding company for Northwest Savings Bank, a Pennsylvania chartered
savings bank, and Jamestown Savings Bank, a New York chartered savings bank.
As of December 31, 1998, Northwest Bancorp, Inc. reported assets of $2.9
billion, deposits of $2.6 billion and shareholders' equity of $227 million.
