Northwest Bancshares Inc., parent of Northwest Savings Bank, said today it agreed to acquire the parent of NexTier Bank in a cash deal valued at $20.3 million.

The transaction was approved by both company's boards and, following approval by NexTier shareholders and regulatory authorities, it is expected to close by year's end.

"We are pleased to announce the merger with NexTier and the expansion of our network north of Pittsburgh," Northwest CEO Wiilliams J. Wagner said, in a statement.

Wagner said the deal is expected to add to Northwest's earnings.

With the additional branches, Northwest Savings will have 39 offices in Butler, Armstrong and Allegheny counties.

"We are extremely excited with the prospect of becoming part of the Northwest Bancshares team," said NexTier Bank CEO Donald Shamey, in a statement.

Founded in 1896 and headquartered in Warren County, Northwest Bancshares has assets of $8 billion and currently operates 171 offices in Pennsylvania, New York, Maryland, Ohio and Florida.

Butler-based NexTier was founded in 1878 and has assets of $583.7 million. The financial institution operates 16 offices in Butler, Allegheny and Armstrong counties

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