Friday, bank holding company Northwest Bancshares, Inc. (NWBI) announced that it has gone public, having sold a total of 68.87 million shares of common stock at a purchase price of $10.00 per share in its initial public offering.
Northwest Bancshares' common stock shares have started trading on the Nasdaq Global Select Market today under the symbol, 'NWBI.'
The holding company for Northwest Savings Bank has successfully completed its conversion from a mutual holding company to a fully publicly-owned stock form holding company. Northwest Savings Bank is now 100% owned by Northwest Bancshares; and the company 100% owned by public stockholders.
Stifel, Nicolaus and Co., Inc. acted as sole book-running manager, selling agent for the subscription offering and community offering portions of the offering. Janney Montgomery Scott LLC, RBC Capital Markets Corp., Sandler O'Neill and Partners, L.P. and Sterne, Agee and Leach, Inc. acted as co-managers for the syndicated community offering portion of the offering.
With completion of the offering, Northwest Bancorp common stock shares were exchanged for 2.2500 shares of the company's common stock. Cash in lieu of fractional shares will be paid by the company at a rate of $10.00 per share.
The company also issued 1.27 million common stock shares and contributed $1.0 million in cash from the offering proceeds to Northwest Charitable Foundation.
With the offering and contribution to the charitable foundation, the company will have approximately 110.64 million shares outstanding and a market capitalization of approximately $1.1 billion.
Stock certificates for shares purchased in the subscription offering and community offering will be mailed to subscribers shortly.
Luse Gorman Pomerenk and Schick served as special counsel to the company and Northwest Bancorp, Inc. for the conversion and offering.
NWBI is currently trading at $11.26, up $0.06 or 0.50%, on the Nasdaq.
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