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Northwest Bancshares Inc Review 2019 – www northwest bank

Northwest Bancshares Inc Review 2019

Northwest Bancshares Inc Review 2019: Northwest Bancshares Inc. is also commonly known as the Northwest Bank. Northwest Bancshares Inc. is actually the holding company of the Northwest Bank.

It was founded in 1896. Since then it has grown into a huge organization through the acquisition of other banks and companies. Today it is operational in Pennsylvania, New York, and Ohio.

Northwest Bancshares Inc Review 2019

Northwest Bancshares Inc Review 2019

Consistent growth – Northwest Bank has grown slowly and consistently through multiple acquisitions over the years. It has acquired the majority of the small banking players in Pennsylvania and is now looking to expand into neighboring states.

Sources of funding – Since the company is not too large, it depends primarily on the deposits it accepts under personal and business deposits for the majority of the funding.

Types of personal deposit (checking) accounts – The bank provides Zero balance checking accounts. Zero balance checking accounts do not receive any interest on the amount deposited into the account. The with interest checking account has a minimum balance of requirement of 1000 dollars average daily balance. If this isn’t maintained a monthly charge of 10 dollars is levied. Both types of accounts have 50 dollars as their minimum opening balance.

Personal Saving options – Northwest Bank provides its clients with multiple options when it comes to personal savings. These range from certificates of deposit to retirement annuities. It also has a money market deposit account, which allows the consumer to earn interest according to the size of the investment. The larger the deposit, the higher the rate of interest.

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Business Checking – There are four checking options when you opt for a business checking account with Northwest Bank. All of them require an initial deposit of 100 dollars. They are split into two types, low volume, and high volume.

Checking accounts for high volume businesses. These are no minimum balance accounts and have a higher limit for a number of transactions. Although no interest is paid to such accounts. Interest-bearing business checking accounts. The interest-bearing account has a minimum average daily balance requirement of five thousand dollars.

Another business checking – Northwest Bank also provides checking accounts at minimal charges to non-profit organizations and local governments and school districts. These are interest-bearing accounts and do not have high minimum balance requirements. These accounts also come without a transaction limit allowing the organizations to work freely and efficiently.

Operational Area – Northwest Bank provides one-to-four family residential construction loans, short-term consumer loans, multi-family residential property loans, and commercial real estate loans.

They also provide commercial business with small finance and residential mortgage loans; home equity credit, and consumer loans comprising automobile, sales finance, unsecured personal loans, and credit card. The bank also provides loans secured against deposit accounts.

The extent of operations – Northwest Bancshares Inc. has 172 operational branches in the USA. These are fully functional and allow inter-branch account operations. The management has plans to expand further.

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Conclusion

Northwest Bancshares Inc. is a holding company that has expanded through the acquisition of other financial organizations in the area. This is like an investor’s paradise. The growth of the bank leaves very little doubt about the capability and efficiency of the bank and its management. This is a perfect example of “slow and steady wins the race”.

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