Northwest Bancshares, Inc. Announces Board of Directors Leadership Transition

Rhea-AI Summary

Northwest Bancshares (NWBI) announced a leadership transition in its board of directors. Timothy B. Fannin has stepped down as Board Chair ahead of his planned 2026 retirement and has been succeeded by Timothy M. Hunter, who previously served as Vice Chair. Hunter, who joined the board in 2015, brings extensive business experience as the former President and CEO of McInnes Rolled Rings (2003-2024) and is a CPA with Ernst & Young background.

The transition comes as Northwest is poised to become a Top 100 US bank following its upcoming merger with Penns Woods, expected to close in late July 2025. This merger represents the largest acquisition in the company's history. Under Fannin's leadership since 2013, Northwest has made significant progress in executing its strategic growth plan, focusing on customer-focused, community banking.

Positive

• Company on track to become a Top 100 US bank through Penns Woods merger
• Largest acquisition in company's history to close in July 2025
• New Chairman brings strong financial background as CPA and extensive business leadership experience
• Smooth leadership transition with experienced board member

Negative

• Loss of experienced board chairman who guided significant growth since 2013

COLUMBUS, Ohio, May 12, 2025 /PRNewswire/ -- Northwest Bancshares, Inc. ("Northwest")  (Nasdaq: NWBI), today announced a change in its board of directors as part of a leadership transition. As a result of his impending retirement from the board of directors in 2026, Timothy B. Fannin has stepped down as Board Chair, and has been succeeded by Vice Chair Timothy M. Hunter.

Timothy M. Hunter appointed Non-Executive Chairman at Northwest Bancshares, Inc.

Mr. Fannin joined the board in 2013 and was appointed Non-Executive Chairman in 2022.  Mr. Hunter joined the Board in 2015, was appointed Vice Chair in 2023 and, at the company's recent annual meeting, was appointed to the Non-Executive Chairman position.    

"On behalf of our Board, executive leadership team and Northwest team members, I'd like to thank Tim Fannin for all his contributions to the company," said Louis J. Torchio, President and CEO, Northwest Bancshares, Inc. "The company is in a dramatically different place from when he joined the board in 2013. His deep financial experience and leadership has helped us make significant progress on our strategy, to where we are today, on track to becoming a Top 100 US bank by assets in late July when we expect to close on our merger with Penns Woods."

Fannin added, "It has been an honor to serve as Chairman of Northwest Bancshares, Inc. I am proud of all that the company has accomplished, working to deliver against its strategic growth plan, including largest acquisition in the company's history, and building on its rich heritage of customer-focused, community banking. With a talented team in place and the company solidly executing on its organic and inorganic growth strategy, it is the right time to transition Board leadership."

Hunter commented, "It has been a privilege to serve on the Board with Tim since I joined in 2015. Under his leadership, the company has made great progress. As Chairman, I look forward to working with Lou and his executive leadership team to continue moving the company forward, and capitalizing on opportunities aligned with our strategy for sustainable, responsible, and profitable growth."

Torchio concluded, "Having served the past two years as Northwest's Vice Chair, and as former Chair of the Bank's Compensation Committee, coupled with his business and financial experience, Tim is highly qualified and well suited for his new role. We will be well served by Tim's leadership in the coming years, and I look forward to working closely with him."  

Hunter has extensive business experience, and he served as President and Chief Executive Officer of McInnes Rolled Rings in Erie, Pennsylvania from 2003 through 2024. He has served on various business and philanthropic boards and is a past Chairman of the Manufacturer and Business Association and the Erie Community Foundation. Hunter is a CPA and worked for Ernst & Young in Philadelphia, Pennsylvania. He is a graduate of Villanova University, with a bachelor's in accounting.

About Northwest Bancshares, Inc.
Headquartered in Columbus, Ohio, Northwest Bancshares, Inc. is the bank holding company of Northwest Bank. Founded in 1896, Northwest Bank is a full-service financial institution offering a complete line of business and personal banking products, as well as employee benefits and wealth management services. Currently, Northwest operates 130 full-service financial centers and eleven free-standing drive-up facilities in Pennsylvania, New York, Ohio, and Indiana. Northwest Bancshares, Inc.'s common stock is listed on the NASDAQ Global Select Market ("NWBI"). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed online at www.northwest.bank.

Forward-Looking Statements
This release may contain forward-looking statements with respect to the proposed merger between Northwest and Penns Woods including, without limitation, statements with respect to the expected timing of and benefits of the proposed merger. Such statements are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors including, without limitation: (1) the merger may not close in the prospective timeframe, or at all; (2) the businesses of Northwest and Penns Woods may not be integrated successfully or such integration may take longer to accomplish than expected; (3) the expected cost savings and any revenue synergies from the proposed merger may not be fully realized within the expected timeframes; and (4) disruption from the proposed merger may make it more difficult to maintain relationships with clients, associates, or suppliers. Management has no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this release, except as required by law.

Northwest Bancshares Contacts
Investor Contact:      Michael Perry, Corporate Development & Strategy (814) 726-2140
Media Contact:         Ian Bailey, External Communications (380) 400-2423

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SOURCE Northwest Bank

FAQ

Who is the new Chairman of Northwest Bancshares (NWBI)?

Timothy M. Hunter, former Vice Chair and board member since 2015, has been appointed as the new Non-Executive Chairman of Northwest Bancshares.

Why did Timothy Fannin step down as NWBI Board Chair?

Timothy Fannin stepped down as Board Chair due to his impending retirement from the board of directors in 2026.

What major acquisition is Northwest Bancshares (NWBI) completing in 2025?

Northwest Bancshares is completing its merger with Penns Woods, which is the largest acquisition in the company's history, expected to close in late July 2025.

What is Timothy Hunter's professional background?

Timothy Hunter is a CPA who worked for Ernst & Young in Philadelphia and served as President and CEO of McInnes Rolled Rings from 2003 to 2024. He has also served on various business and philanthropic boards.

When will Northwest Bancshares (NWBI) become a Top 100 US bank?

Northwest Bancshares is expected to become a Top 100 US bank by assets in late July 2025, following the closure of its merger with Penns Woods.