HOME FEDERAL BANCORP, INC. OF LOUISIANA ANNOUNCES COMPLETION OF MERGER WITH NORTHWEST BANCSHARES CORPORATION
Shreveport, Louisiana – February 1, 2023 – Home Federal Bancorp, Inc. of Louisiana (“Home Federal”) (Nasdaq: HFBL), the holding company of Home Federal Bank, announced the completion of the acquisition of Northwest Bancshares Corporation (“NWB”) and its wholly-owned subsidiary, First National Bank of Benton (“FNBB”), effective as of 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.
“By bringing our two companies together, we have expanded our market area and enhanced our branch network,” stated Jim Barlow, Chairman, President and Chief Executive Officer of Home Federal, “We look forward to providing our products and services to the Benton market area. On behalf of our Board of Directors and employees, we welcome FNBB’s customers and team to our family.”
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 FNBB was named Senior Vice President and Benton Market Manager of Home Federal Bank.
With the combination of the two organizations, Home Federal, on a consolidated basis, has approximately $661 million in assets, $481 million in loans and $585 million in deposits. Home Federal plans to operate the existing branch of FNBB as a Division of Home Federal Bank through May, 2023.
Home Federal was advised by Raymond James & Associates, Inc. and the law firm of Silver, Freedman, Taff & Tiernan LLP. Northwest Bancshares was advised by SEACAP Financial, LLC and the law firm of Butler Snow LLP.
About Home Federal
Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which currently conducts business from ten full-service banking centers in Louisiana. Home Federal Bank was established in 1924 and is headquartered in Shreveport, Louisiana. The Bank provides a full range of banking services including its primary business of real estate lending to residential and commercial customers.