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Northwest Bancshares declares $1.00 special cash dividend

Northwest Bancshares announced the declaration of a special cash dividend of $1.00 per share. This dividend will be paid on May 15 to shareholders of record as of May 1. The Company said "The Board of Directors recognizes the amount of capital our company is carrying and our limited opportunities to leverage this capital given that economic growth is tepid and attractive acquisition opportunities are limited. We further recognize that this payment may favorably impact the valuation of our stock relative to tangible book value per share which could make future acquisition opportunities more viable. Finally, we anticipate this return of capital to our shareholders will enhance the future return on their investment in Northwest while providing them with additional cash flow and an enhanced dividend yield in the current year."