Northwest on track to absorb Union Community Bank in March
Northwest Bancshares Inc. has secured the regulatory approvals it needs to purchase Union Community Bank, with the deal expected to close in March 2019.
In a regulatory filing, Northwest said all of the approvals and non-objections have been met for Northwest to purchase Union Community Bank for roughly $85 million. The bank is a subsidiary of Lancaster County-based Donegal Financial Services Corp.
The two parties announced the transaction in June. Under the deal, Warren-based Northwest will acquire Union and its 14 branches in Lancaster County.
Northwest has said that after the deal is complete, it plans to close four Union offices, leaving it with 16 offices in the county overall. Northwest already has six branches in Lancaster County.
Northwest reported in its last quarterly report that it had a net income of $27.7 million for the third quarter of 2018 compared to $23.6 million during the same period last year.