Northwest acquires Penns Woods, expands Pennsylvania footprint

August 1, 2025 2:37 PM

In this week's banking news roundup: Northwest Bancshares acquires Penns Woods Bancorp; Barclays becomes the second U.K.-based bank to leave the Zero Banking Alliance; Michael Mitchell is appointed executive vice president, director of branch banking at BankUnited; and more.

Northwest expands Pennsylvania footprint with latest acquisition

Northwest Bancshares in Columbus, Ohio, has finalized its $270 million acquisition of Penns Woods Bancorp in Williamsport, Pennsylvania, Northwest said in a press release.

The all-stock deal, which was announced in December, extends the $14.5 billion-asset Northwest's reach in the north-central and northeastern sections of Pennsylvania with 21 new branch locations. Penns Woods is the parent company of Jersey Shore State Bank and Luzerne Bank.

Northwest said it now operates 151 branches across Pennsylvania, New York, Ohio and Indiana.

The former Jersey Shore State Bank and Luzerne Bank branches were rebranded this month and now operate under the Northwest Bank name, according to the release.

As part of the acquisition, Richard Grafmyre, who was the CEO of Penns Woods, has joined Northwest's board. —Allissa Kline

Barclays walks out on Net Zero Banking Alliance

Barclays became the second U.K.-based bank to leave the Net Zero Banking Alliance, saying the organization no longer has the membership to support its green transition.

HSBC was the first British lender to walk out on the alliance last month. All major Wall Street banks have done the same since Donald Trump won the presidential election, with Goldman Sachs being the first in early December.

Barclays' head of sustainability also stepped down earlier this year, but the bank reiterated in a statement Friday its initial ambition, announced in 2020, to become net zero by 2050 for its financed emissions.

The major American banks have also promised to do their part in reducing global emissions, but with no federal regulation, their actions will be voluntary. —Colin McNamara

Eliot J. Schechter/Bloomberg

BankUnited names EVP, director of branch banking

Michael Mitchell was appointed executive vice president, director of branch banking at BankUnited, the company announced in a Monday news release. He will lead the bank's retail executives and market leaders in Florida and Texas and oversee all branch activities related to deposit and loan growth.

Ernie Diaz, senior executive vice president, head of consumer, small-business and commercial banking at BankUnited, described Mitchell as a seasoned leader, "known for delivering strong client experiences, building high-performing teams and growing market share."

Mitchell joins the $25.5 billion-asset, Miami Lakes, Florida-based bank with more than two decades in the industry, most recently serving at PNC Bank as senior vice president, sales and client experience manager for Southeast Florida.

Mitchell is a past board member of Deliver the Dream, a nonprofit serving families facing serious illness, crisis or disability, and is an active member of the Fort Lauderdale Chamber of Commerce. —Traci Parks

Bloomberg

H.I.G. poaches Morgan Stanley execs for secondary strategy

H.I.G. Capital hired four executives from Morgan Stanley's private equity secondaries team as it prepares to launch a fund early next year, according to people familiar with the matter.

Dan Wieder, Yash Gupta, Austin Gerber and Joe Holleran left Morgan Stanley in recent days, said the people, who asked not be identified discussing personnel moves.

A spokesperson for the Wall Street bank confirmed the departures. H.I.G. didn't comment, and the four executives didn't immediately reply to messages seeking comment.

Wieder was a managing director and Gupta was a partner, while Gerber and Holleran were executive directors.

H.I.G's secondary strategy will focus on stake sales led by private equity firms that move their prized assets from one or more older funds into new ones that are generally referred to as continuation funds, the people said. Such funds allow firms to bring in new investors and help existing backers cash out. —Preeti Singh, Bloomberg News

Michael Nagle/Bloomberg

Goldman Sachs CEO Solomon to meet Trump at White House

President Trump is set to meet with Goldman Sachs CEO David Solomon this week, as financial markets brace for the impact of widespread U.S. tariffs and with lingering questions over the administration's plans for banking regulation, according to people familiar with the matter who spoke on condition of anonymity to discuss the president's schedule. The agenda is expected to include issues around the economy and geopolitics, one of the people said.

A spokesperson for Goldman declined to comment. A White House spokesperson didn't immediately respond to a request for comment.

The meeting with Solomon follows a sit-down Trump had with JPMorganChase CEO Jamie last week, as bank executives step up their outreach with the White House. The face-to-face conversation between Dimon and Trump was a sign of the rekindled relationship between the two men after years of mixed public remarks.

Top of the agenda for many bank CEOs is the regulatory environment under the second Trump administration. Earlier this month, Wall Street lenders and their lobbyists descended on the Federal Reserve's banking conference to push for looser capital requirements. –Todd Gillespie and Josh Wingrove, Bloomberg News