Northwest Bancshares Inc. in Warren, Pa., has agreed to buy NexTier Inc. in Butler, Pa., for $20.3 million, the companies announced late Wednesday.

The $8 billion-asset Northwest is to pay NexTier shareholders $200 in cash for each outstanding share of common stock. The $583.7 million-asset NexTier has tangible common equity of $18 million, or 3.11% of tangible assets, making the sale price 113% of tangible book value, said William Wagner, Northwest's chief executive, in a conference call Thursday.

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