May 7, 2020

On April 24, 2020, Northwest Bancshares, Inc., Warren, Pennsylvania, the holding company for Northwest Bank, successfully completed its acquisition of MutualFirst Financial, Inc., Muncie, Indiana, the holding company for MutualBank. With $2.1 billion in assets, MutualBank operated 36 full-service offices in Indiana.

Under the terms of the merger agreement, each share of common stock of MutualFirst Financial, Inc. was converted into the right to receive 2.4 shares of Northwest Bancshares, Inc. common stock. Cash was paid in lieu of fractional shares. Based upon the $10.33 per share closing price of Northwest’s common stock on April 24, 2020, the transaction value was approximately $213.4 million.

With approximately $12.8 billion in total assets following completion of this merger, Northwest Bancshares provides banking services through 214 branch locations and 273 ATMs in four states.

Luse Gorman served as legal counsel to Northwest Bancshares, Inc. in the transaction. The Luse Gorman team consisted of Eric Luse, Marc Levy, Ned Quint, Beverly White and Brendan Saxon.

Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.