Shareholders of Lorain National Bank (LNB Bancorp) have approved the previously announced merger of the bank with Northwest Bancshares.
The companies expect to complete the merger, which has already received regulatory approvals, on 14 August 2015.
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Under the terms of the Merger Agreement, LNB Bancorp shareholders will have the option to choose between 1.461 shares of Northwest Bancshares common stock and $18.70 in cash for each common share of LNB Bancorp, subject to an overall allocation of exchanged shares into 50% cash and 50% stock.
The merger will result in laying off 99 employees out of 280 bank workers, reported The Morning Journal News.
Lorain National Bank president and CEO Daniel Klimas said: "I am pleased to report that our shareholders have approved the merger with Northwest, with 80% of the outstanding common shares in favor of the merger proposal."
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