Home Federal Bancorp, Inc. of Louisiana Announces Completion of Merger With Northwest Bancshares Corporation
February 01 2023 - 7:30AM
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.
Forward Looking Statements
Statements contained in this news release which are not
historical facts may be forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. They often
include words like “believe”, “expect”, “anticipate”, “estimate”,
and “intend”, or future or conditional verbs such as “will”,
“would”, “should”, “could”, or “may”. We undertake no obligation to
update any forward-looking statements.
In addition to factors previously disclosed in the reports filed
by the Company with the Securities and Exchange Commission and
those identified elsewhere in this press release, the following
factors, among others, could cause actual results to differ
materially from forward-looking statements or historical
performance: the strength of the United States economy in general
and the strength of the local economies in which the Company
conducts its operations; general economic conditions; the scope and
duration of the COVID-19 pandemic; the effects of the COVID-19
pandemic, including on the Company’s credit quality and operations
as well as its impact on general economic conditions; legislative
and regulatory changes including actions taken by governmental
authorities in response to the COVID-19 pandemic; monetary and
fiscal policies of the federal government; changes in tax policies,
rates and regulations of federal, state and local tax authorities
including the effects of the Tax Reform Act; changes in interest
rates, deposit flows, the cost of funds, demand for loan products
and the demand for financial services, in each case as may be
affected by the COVID-19 pandemic, competition, changes in the
quality or composition of the Company’s loans, investment and
mortgage-backed securities portfolios; geographic concentration of
the Company’s business; fluctuations in real estate values; the
adequacy of loan loss reserves; the risk that goodwill and
intangibles recorded in the Company’s financial statements will
become impaired; changes in accounting principles, policies or
guidelines and other economic, competitive, governmental and
technological factors affecting the Company’s operations, markets,
products, services and fees.
CONTACT: |
James R. BarlowChairman of the
Board, President and Chief Executive Officer(318) 222-1145 |
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