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On December 18, 2009, the bank converted from a mutual savings bank to a joint stock company. [1]In 2015, the bank changed its name to the present Northwest Bank. [2]In August 2015, the bank's holding company, Northwest Bancshares, Inc., merged with LNB Bancorp, Inc., in a stock and cash deal and acquired Lorain National Bank. [4]
The merged company claims legacy Wells Fargo’s history (dating to 1852) as its own, and also adopted legacy Wells Fargo's ticker symbol, WFC. However, it retains Norwest's pre-1998 stock price history and corporate structure, and all pre-1998 SEC filings are under Norwest, not Wells Fargo.
Stephen A. Rhoades, "Bank Mergers and Industrywide Structure, 1980–1994," Washington: Board of Governors of the Federal Reanuary 1996. (Staff study 169) Steven J. Pilloff, "Bank Merger Activity in the United States, 1994–2003," Washington: Board of Governors of the Federal Reserve System, May 2004. (Staff study 176)
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First Northwest Bancorp (FNWB) could be a solid choice for shorter-term investors looking to capitalize on the recent price trend in fundamentally sound stocks. It is one of the many stocks that ...
The bank was founded in 1905 as Lorain Banking Co. [2] [1] In 1961, it merged with the National Bank of Lorain to form Lorain National Bank. [2] [1] In February 2005, Daniel Klimas became president & chief executive officer of the bank. [3] [4] [5] In 2007, the bank acquired Morgan Bancorp for $26.5 million in cash and stock. [6]
However, due to the bank's deteriorating condition and leaks that a seizure was imminent, regulators felt compelled to act a day early. [18] Because JPMorgan Chase bought WaMu's assets for a low price, WaMu's stockholders were nearly wiped out. Its stock price dropped to $0.16 a share, well below its high of a year earlier. [192]
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