MutualBank Acquisition Lands Shareholder Approval

(photo courtesy of MutualBank)

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The previously-announced acquisition of Muncie-based MutualFirst Financial Inc. (Nasdaq: MFSF) by Northwest Bancshares Inc. (Nasdaq: NWBI) in Pennsylvania has cleared a key hurdle. Shareholders for the parent of MutualBank have approved the $346 million deal, which has already received approval from the boards of directors for both banks.

The acquisition is expected to close in the second quarter and remains subject to regulatory approvals and customary closing conditions. Per the terms of the deal, MutualFirst shareholders will receive 2.4 shares of Northwest common stock for each share of MutualFirst stock they own.

The merger was first announced in October. At that time, Northwest said MutualFirst President and Chief Executive Officer David Heeter will become regional CEO and market leader for Northwest’s Indiana franchise. One member of the MutualFirst Board of Directors will also be added to Northwest’s bank and holding company boards.