MutualBank Deal Completed

(photo courtesy of MutualBank)

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The previously-announced merger between Muncie-based MutualFirst Financial Inc. (Nasdaq: MFSF) and Northwest Bancshares Inc. (Nasdaq: NWBI) in Pennsylvania has been finalized.

The banking companies announced they have completed the transaction in a deal valued at $346 million.

“We believe that this transaction will help deliver value through increased operating scale and new market opportunities,” said Ronald Seiffert, president and chief executive officer of Northwest Bancshares. “The combined strength of our institutions will allow us to better serve customers across all of our markets with a wide range of financial products and services, while maintaining the personal service they expect from their community bank.”

MutualFirst shareholders will receive 2.4 shares of Northwest common stock for each share of MutualFirst stock they own.

Together, the institution has approximately $12.8 billion in total assets. There are 214 branch locations, including 36 full-service offices in Indiana.