NWSB Northwest Bancorp (MM)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

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NORTHWEST BANCORP, INC.

(Name of Registrant as Specified in its Charter)

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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April 10, 2008

Dear Stockholder:

We cordially invite you to attend the 2008 Annual Meeting of Stockholders of Northwest Bancorp, Inc., the parent company of Northwest Savings Bank. The Annual Meeting will be held at The Struthers Library Theatre, located at 302 W. Third Avenue, Warren, Pennsylvania, at 11:00 a.m. (Pennsylvania time) on May 21, 2008.

The enclosed Notice of Annual Meeting and Proxy Statement describe the formal business to be transacted. During the Annual Meeting we will also report on the operations of Northwest Bancorp, Inc. Our directors and officers, as well as a representative of our independent registered public accounting firm, will be present to respond to any questions that stockholders may have.

The business to be conducted at the Annual Meeting includes the election of three directors, the approval of the Northwest Bancorp, Inc. 2008 Stock Option Plan and the ratification of the appointment of KPMG LLP as the independent registered public accounting firm for the year ending December 31, 2008.

Our Board of Directors has determined that the matters to be considered at the Annual Meeting are in the best interests of Northwest Bancorp, Inc. and its stockholders. For the reasons set forth in the Proxy Statement, the Board of Directors unanimously recommends a vote “FOR” each matter to be considered.

Also enclosed for your review is our Annual Report on Form 10-K for the year ended December 31, 2007, which contains detailed information concerning our activities and operating performance. On behalf of the Board of Directors, please take a moment now to cast your vote via the Internet or by telephone as described on the enclosed proxy card, or alternatively, complete, sign, date and return the proxy card in the postage-paid envelope provided. Voting in advance of the Annual Meeting will not prevent you from voting in person, but will assure that your vote is counted if you are unable to attend the Annual Meeting.

TABLE OF CONTENTS

NORTHWEST BANCORP, INC.
100 Liberty Street
Warren, Pennsylvania 16365-2353
(814) 726-2140

NOTICE OF
2008 ANNUAL MEETING OF STOCKHOLDERS
To Be Held On May 21, 2008

     Notice is hereby given that the 2008 Annual Meeting of Stockholders of Northwest Bancorp, Inc. will be held at The Struthers Library Theatre, 302 W. Third Avenue, Warren, Pennsylvania, on May 21, 2008 at 11:00 a.m. Pennsylvania time.

     A Proxy Card and a Proxy Statement for the Meeting are enclosed.

     The Meeting is for the purpose of considering and acting upon:

	1.		The election of three directors;
	2.		The approval of the Northwest Bancorp, Inc. 2008 Stock Option Plan;
	3.		The ratification of the appointment of KPMG LLP as the independent registered public accounting firm for the year ending December 31, 2008; and

such other matters as may properly come before the Meeting, or any adjournments thereof. The Board of Directors is not aware of any other business to come before the Meeting.

     Any action may be taken on the foregoing proposals at the Meeting on the date specified above, or on any date or dates to which the Meeting may be adjourned. Stockholders of record at the close of business on March 31, 2008, are the stockholders entitled to vote at the Meeting, and any adjournments thereof.

     EVEN IF YOU DO NOT PLAN TO ATTEND THE MEETING, YOU MAY CHOOSE TO VOTE YOUR SHARES USING THE INTERNET OR TELEPHONE VOTING OPTIONS EXPLAINED ON YOUR PROXY CARD OR BY SIGNING, DATING AND RETURNING THE ENCLOSED PROXY CARD WITHOUT DELAY IN THE ENCLOSED POSTAGE-PAID ENVELOPE. ANY PROXY THAT YOU GIVE MAY BE REVOKED AT ANY TIME BEFORE IT IS EXERCISED. YOU MAY REVOKE A PROXY BY FILING WITH THE SECRETARY OF NORTHWEST BANCORP, INC. A WRITTEN REVOCATION OR A DULY EXECUTED PROXY BEARING A LATER DATE. IF YOU ATTEND THE MEETING YOU MAY REVOKE YOUR PROXY AND VOTE PERSONALLY ON EACH MATTER BROUGHT BEFORE THE MEETING. HOWEVER, IF YOUR SHARES ARE NOT REGISTERED IN YOUR NAME, YOU WILL NEED ADDITIONAL DOCUMENTATION FROM YOUR RECORD HOLDER TO VOTE PERSONALLY AT THE MEETING.

Warren, Pennsylvania
April 10, 2008

A SELF-ADDRESSED ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE. NO POSTAGE IS REQUIRED IF MAILED WITHIN THE UNITED STATES.

Proxy Statement

NORTHWEST BANCORP, INC.
100 Liberty Street
Warren, Pennsylvania 16365-2353
(814) 726-2140

2008 ANNUAL MEETING OF STOCKHOLDERS
May 21, 2008

     This Proxy Statement is furnished in connection with the solicitation of proxies on behalf of the Board of Directors of Northwest Bancorp, Inc. to be used at the 2008 Annual Meeting of Stockholders of Northwest Bancorp, Inc., which will be held at The Struthers Library Theatre, 302 W. Third Avenue, Warren, Pennsylvania, on May 21, 2008, at 11:00 a.m., Pennsylvania time, and all adjournments of the annual meeting. The accompanying Notice of Annual Meeting of Stockholders and this Proxy Statement are first being mailed to stockholders on or about April 14, 2008.

REVOCATION OF PROXIES

     Stockholders who execute proxies in the form solicited hereby retain the right to revoke them in the manner described below. Unless so revoked, the shares represented by such proxies will be voted at the annual meeting and all adjournments thereof. Proxies solicited on behalf of our Board of Directors will be voted in accordance with the directions given thereon. You may vote by Internet or telephone as described on your Proxy Card . You may also vote by signing and returning your Proxy Card to Northwest Bancorp, Inc. Proxies we receive that are signed, but contain no instructions for voting, will be voted “FOR” the proposals set forth in this Proxy Statement for consideration at the annual meeting.

     Proxies may be revoked by sending written notice of revocation to the Secretary of Northwest Bancorp, Inc., Gregory C. LaRocca, at the address shown above, or by returning a duly executed proxy bearing a later date by mail, Internet or telephone, as described on your Proxy Card. The presence at the annual meeting of any stockholder who had given a proxy shall not revoke such proxy unless the stockholder delivers his or her ballot in person at the annual meeting or delivers a written revocation to the Secretary prior to the voting of such proxy.

VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF

     Holders of record of our shares of common stock, par value $0.10 per share, as of the close of business on March 31, 2008 are entitled to one vote for each share then held. As of March 31, 2008, there were 48,453,958 shares of common stock issued and outstanding. The presence in person or by proxy of a majority of the outstanding shares of common stock entitled to vote is necessary to constitute a quorum at the annual meeting. Abstentions and broker non-votes will be counted for purposes of determining that a quorum is present.

     As to the election of directors, the Proxy Card being provided by the Board of Directors enables a stockholder to vote FOR ALL NOMINEES proposed by the Board, to WITHHOLD AUTHORITY FOR ALL NOMINEES or to vote FOR ALL EXCEPT one or more of the nominees being proposed. Directors are elected by a plurality of votes cast, without regard to either broker non-votes, or proxies as to which the authority to vote for the nominees being proposed is withheld.

     As to the approval of the Northwest Bancorp, Inc. 2008 Stock Option Plan, by checking the appropriate box, a stockholder may: (i) vote FOR the approval; (ii) vote AGAINST the approval; or (iii) ABSTAIN from voting on such approval. The affirmative vote of (x) a majority of the shares represented at the annual meeting and entitled to vote, and (y) a majority of the votes cast at the annual meeting by stockholders other than by our majority stockholder, Northwest Bancorp, MHC is required for the approval of the Northwest Bancorp, Inc. 2008 Stock

Option Plan. For purposes of the vote required in clause (x) above, shares as to which the “ABSTAIN” box has been selected will be treated as votes cast and will have the same effect as a vote against ratification. For purposes of the vote required in clause (y) above, shares as to which the “ABSTAIN” box has been selected are not considered votes cast for or against approval. Broker non-votes are not considered represented at the annual meeting and are not considered votes cast for or against approval of the Northwest Bancorp, Inc. 2008 Stock Option Plan.

     As to the ratification of KPMG LLP as our independent registered public accounting firm, by checking the appropriate box, a stockholder may: (i) vote FOR the ratification; (ii) vote AGAINST the ratification; or (iii) ABSTAIN from voting on such ratification. The affirmative vote of a majority of the shares represented at the annual meeting and entitled to vote is required for the ratification of KPMG LLP as the independent registered public accounting firm for the year ending December 31, 2008. Shares as to which the “ABSTAIN” box has been selected on the proxy card will be counted as shares represented and entitled to vote and will have the same effect as a vote against the matter. Broker non-votes are not considered represented at the annual meeting and entitled to vote on the matter.

     Our management anticipates that Northwest Bancorp, MHC, our majority stockholder, will vote all of its shares in favor of all the matters set forth above. If Northwest Bancorp, MHC votes all of its shares in favor of each proposal, the approval of proposals I and III would be assured.

     Persons and groups who beneficially own in excess of 5% of our shares of common stock are required to file certain reports with the Securities and Exchange Commission regarding such ownership pursuant to the Securities Exchange Act of 1934. The following table sets forth, as of March 31, 2008, the shares of our common stock beneficially owned by each person known to us who was the beneficial owner of more than 5% of the outstanding shares of our common stock.

		Amount of Shares
		Owned and Nature				Percent of Shares
Name and Address of		of Beneficial				of Common Stock
Beneficial Owners		Ownership (1)				Outstanding
Northwest Bancorp, MHC			30,536,457				63.0	%
100 Liberty Street
Warren, Pennsylvania 16365
Northwest Bancorp, MHC,			31,401,366				64.8	%
and all directors and executive
officers of Northwest Bancorp, Inc.
and Northwest Savings Bank as a group
(13 directors and officers) (2)

PROPOSAL 1 — ELECTION OF DIRECTORS

     Our Board of Directors consists of nine members. Our bylaws provide that approximately one-third of the directors are to be elected annually. Our directors are generally elected to serve for a three-year period, or a shorter period if the director is elected to fill a vacancy, and until their respective successors shall have been elected and shall qualify. Three directors will be elected at the annual meeting and will serve until their successors have been elected and qualified. The Nominating Committee has nominated William J. Wagner, Thomas K. Creal, III and A. Paul King to serve as directors for three-year terms. Each nominee is currently a member of the Board of Directors.

     The table below sets forth certain information regarding the composition of our Board of Directors as of March 31, 2008, including the terms of office of Board members. It is intended that the proxies solicited on behalf of the Board of Directors (other than proxies in which the vote is withheld as to the nominee) will be voted at the annual meeting for the election of the nominees identified below. If the nominees are unable to serve, the shares represented by all such proxies will be voted for the election of such substitute as the Board of Directors may recommend. At this time, the Board of Directors knows of no reason why the nominees might be unable to serve, if elected. Except as indicated herein, there are no arrangements or understandings between the nominees and any other person pursuant to which such nominees were selected.

																		Shares of
						Positions												Common Stock
						Held in Northwest				Director				Current Term				Beneficially				Percent
Name (1)		Age				Bancorp, Inc.				Since (2)				to Expire				Owned (3)				of Class
		NOMINEES
William J. Wagner			54			Chairman of the Board,					1994				2008				218,961	(4)			*
						President and Chief
						Executive Officer
Thomas K. Creal, III			69			Director					1982				2008				10,905	(5)			*
A. Paul King			64			Director					2001				2008				32,235	(6)			*
		DIRECTORS CONTINUING IN OFFICE
Richard L. Carr			66			Director					1982				2009				56,745	(7)			*
John M. Bauer			66			Director					1999				2009				30,954	(8)			*
Philip M. Tredway			60			Director					2007				2009				1,552				*
Robert G. Ferrier			68			Director					1980				2010				30,946	(9)			*
Richard E. McDowell			64			Director					1972				2010				73,729	(10)			*
Joseph F. Long			66			Director					2001				2010				47,069	(11)			*
		EXECUTIVE OFFICERS WHO ARE NOT DIRECTORS
Gregory C. LaRocca			57			Executive Vice President					N/A				N/A				110,267	(12)			*
						and Corporate Secretary
Robert A. Ordiway			59			Executive Vice President-					N/A				N/A				124,894	(13)			*
						Marketing and Facilities
William W. Harvey, Jr.			41			Executive Vice President-					N/A				N/A				45,723	(14)			*
						Finance and Chief Financial Officer
Steven G. Fisher			51			Executive Vice President-					N/A				N/A				80,929	(15)			*
						Banking Services

Directors

     The principal occupation during the past five years of each of our directors is set forth below. All directors have held their present positions for five years unless otherwise stated.

      William J. Wagner was named President and Chief Executive Officer of Northwest Savings Bank in August 1998, President and Chief Executive Officer of Northwest Bancorp, Inc. in June 2001 and Chairman of the Board of Northwest Savings Bank and Northwest Bancorp, Inc. in July 2003. Mr. Wagner was the Chief Financial Officer of Northwest Savings Bank since 1984 and was named Chief Operating Officer in 1996. Mr. Wagner was appointed Executive Vice President in 1992 and was elected to the Board of Directors in 1994. Mr. Wagner is a certified public accountant.

      John M. Bauer is co-founder, partner and President of Contact Technologies, Inc., an electrical component manufacturer in St. Marys, Pennsylvania. He has served in that capacity since 1989.

      Richard L. Carr served as Superintendent of the Titusville Area School District, Titusville, Pennsylvania from 1986 until his retirement in 1996. Mr. Carr was appointed Lead Director of Northwest Bancorp, Inc. in 2003.

      Thomas K . Creal, III is a self employed architectural consultant. He previously served as an architect in the architectural firm of Habiterra Architecture & Landscape Architecture, in Warren, Pennsylvania from 2003 until his retirement in December 2007, and was an owner/partner in the firm’s predecessor from 1970 to 2003.

      Robert G. Ferrier has been President of Ferrier’s True Value Hardware, Erie, Pennsylvania since 1957.

      A. Paul King has been President of Oral Surgery of Erie, Erie, Pennsylvania since 1999, and was Vice President from 1974 through 1999. Dr. King was previously a Director of The Heritage Trust Company, which was acquired by Northwest Savings Bank in 2000.

      Joseph F. Long has served as President of the Passavant Hospital Foundation in Pittsburgh, Pennsylvania since January 2000. Mr. Long is a certified public accountant, and retired as a partner of KPMG LLP in January 2000. During Mr. Long’s 36 years at KPMG LLP he held positions including Regional Partner in charge of thrift practice for the third Federal Home Loan Bank District and partner in charge of financial service assurance based consulting services for KPMG LLP’s mid-Atlantic area. He was also a member of the KPMG LLP firm-wide Audit Committee.

      Richard E. McDowell is President Emeritus of the University of Pittsburgh at Bradford, Bradford, Pennsylvania. He served as President of the University from 1970 until August 2002.

      Philip M. Tredway has been President and Chief Executive Officer of Erie Molded Plastics, Inc., Erie, Pennsylvania since 1982.

Executive Officers who are not Directors

     The principal occupation during the past five years of each of our executive officers, other than Mr. Wagner, is set forth below. All executive officers have held their present positions for five years unless otherwise stated.

      Gregory C. LaRocca was employed by Northwest Savings Bank beginning in 1992, and currently serves as Executive Vice President of the Investment and Trust Services Group and Corporate Secretary for Northwest Savings Bank and Northwest Bancorp, Inc. He was previously Chief Executive Officer of American Federal Savings, which merged with Northwest Savings Bank in March 1992.

      Robert A. Ordiway has been employed by Northwest Savings Bank since 1975, most recently as Executive Vice President, Marketing and Facilities. He was formerly Executive Vice President of the Retail Delivery Systems Group of Northwest Savings Bank.

      William W. Harvey, Jr. has been employed by Northwest Savings Bank since 1996 and currently serves as Executive Vice President, Finance and Chief Financial Officer for Northwest Savings Bank and Northwest Bancorp, Inc. Mr. Harvey is a certified public accountant.

      Steven G. Fisher has been employed by Northwest Savings Bank since 1983, most recently as Executive Vice President of the Banking Services Group. He was formerly Senior Vice President of Operations of Northwest Savings Bank.

Board Independence

     The Board of Directors has determined that Directors Bauer, Carr, Creal, Ferrier, King, Long, McDowell, and Tredway, are each “independent” within the meaning of the Nasdaq corporate governance listing standards. Mr. Wagner is not independent by virtue of being an employee of Northwest Savings Bank. In addition, the Board of Directors has appointed Mr. Carr as Lead Director. In this capacity, Mr. Carr chairs the meetings of the independent directors and other meetings of the Board when the Chairman is excused or absent. Mr. Carr also acts as liaison between the Chairman and the independent directors.

     In determining the independence of the directors listed above, the Board of Directors reviewed the following transactions, none of which are required to be reported under “—Transactions With Certain Related Persons,” below. Each of Directors John M. Bauer, Richard L. Carr and Richard E. McDowell has a Northwest Savings Bank credit card. Director Carr also has a home equity line of credit with Northwest Savings Bank. Director Robert E. Ferrier has a mortgage loan and a home equity line of credit with Northwest Savings Bank. Additional loans (including mortgage loans, lines of credit, credit cards and automobile loans) have been made to related persons of Directors Carr, Creal, Ferrier, Long and McDowell.

Meetings and Committees of the Board of Directors

     The business of Northwest Bancorp, Inc. is conducted at regular and special meetings of the full Board and its standing committees. In addition, our independent directors meet in executive sessions. The standing committees consist of the Executive, Audit, Compensation, Nominating, Risk Management, Governance and Trust Committees. Mr. Wagner, our Chairman of the Board and President, is a member of the Executive and Trust Committees. During the year ended December 31, 2007, the Board of Directors met at twelve regular meetings. No special meetings were called. No member of the Board or any committee thereof attended fewer than 75% of the aggregate of: (i) the total number of meetings of the board of directors (held during the period for which he has been a director); and (ii) the total number of meetings held by all committees of the board on which he served (during the periods that he served). The duties and responsibilities of the Compensation, Audit and Nominating Committees follows:

      Compensation Committee. The Compensation Committee is composed of independent, non-employee directors who are not eligible to participate in management compensation programs. The current members of the Compensation Committee consist of Directors Carr, who serves as Chairman, Bauer, Creal, Ferrier, King and Tredway. The Compensation Committee meets at least quarterly, or more frequently if necessary. Our Governance Committee has adopted a written charter for the Compensation Committee, which is available at our website at http://www.northwestsavingsbank.com . The Compensation Committee met five times during the year ended December 31, 2007. The purpose of the Compensation Committee is to, among other things, assist the Board in fulfilling their responsibilities regarding:

	•		compensation of the executive officers, other senior officers and employees, including oversight of our base salary, cash incentive compensation, equity-based awards and other benefits and perquisites; and
	•		evaluating the performance of the Chief Executive Officer on an annual basis and approving the base salary, cash incentive bonus, equity-based incentive awards and other compensation of the Chief Executive Officer.

     In furtherance of these objectives, the Compensation Committee is responsible, among others, for:

	•		approving the corporate compensation philosophy, including overseeing and monitoring the executive compensation policies, plans and programs for such officers to ensure that they are consistent with the compensation philosophy and the long-term interests of our shareholders;
	•		reviewing and if appropriate, amending and approving management’s recommendations for compensation issues such as salary ranges, annual merit increases, annual bonuses and long-term incentive plans, including equity-based compensation programs such as stock options and restricted stock awards;
	•		annually reviewing the Chief Executive Officer’s evaluation of the performance of the senior executives who report directly to the Chief Executive Officer in connection with its overall review of executive compensation;
	•		evaluating, reviewing and approving the execution of management contracts and severance agreements for senior executives and reviewing the annual renewal of such contracts;
	•		reviewing and approving all employee benefit plans including retirement plans and health insurance; and
	•		at least annually, in consultation with the independent members of the Board and the Chief Executive Officer, reviewing succession planning and management development activities and strategies regarding the Chief Executive Officer and other members of senior management.

     The Compensation Committee shall have available to it the resources and authority necessary to properly discharge its duties and responsibilities, including the authority to retain counsel and other experts or consultants. The Compensation Committee, in performing these duties and responsibilities with respect to director and executive officer compensation, relies on the assistance of professionals within our Human Resources Department. Although the Human Resources Department utilizes survey information provided by compensation consultants in recommending compensation levels, the Compensation Committee does not directly utilize compensation consultants in determining director or executive officer compensation.

      Audit Committee. The Audit Committee consists of Directors Bauer, who serves as Chairman, Carr, Long and McDowell. Each member of the Audit Committee is “independent” as defined in the Nasdaq corporate governance listing standards and under Securities and Exchange Commission Rule 10A-3. The Board of Directors has determined that each of Messrs. Bauer and Long qualifies as an “audit committee financial expert” as that term is used in the rules and regulations of the Securities and Exchange Commission. Information with respect to the experience of Messrs. Bauer and Long is included in “—Directors.” Our Governance Committee has adopted a written charter for the Audit Committee, which is available at our website at http://www.northwestsavingsbank.com . The Audit Committee met six times during the year ended December 31, 2007.

     The duties and responsibilities of the Audit Committee include, among other things:

	•		retaining, overseeing and evaluating an independent registered public accounting firm to audit our annual financial statements;
	•		overseeing our external financial reporting processes;
	•		approving all engagements for audit and non-audit services by the independent registered public accounting firm;
	•		reviewing the audited financial statements with management and the independent registered public accounting firm;

	•		considering whether certain relationships with the independent registered public accounting firm and the provision by the independent registered public accounting firm of services not related to the annual audit and quarterly reviews is consistent with maintaining the independent registered public accounting firm’s independence;
	•		overseeing the activities of the internal audit staff and reviewing management’s administration of the system of internal accounting controls; and
	•		conducting an annual performance evaluation of the Committee and annually reviewing the adequacy of its charter.

      Nominating Committee. The Nominating Committee Charter provides that the Nominating Committee will consist of a minimum of three independent directors. For the year ended December 31, 2007, the Nominating Committee consisted of all of our non-employee directors. Each member of the Nominating Committee is considered “independent” as defined in the Nasdaq corporate governance listing standards. Our Governance Committee has adopted a written charter for the Nominating Committee, which is available at our website at http://www.northwestsavingsbank.com . The Nominating Committee met once during the year ended December 31, 2007.

     The functions of the Nominating Committee include the following:

	•		leading the search for individuals qualified to become members of the Board and selecting director nominees to be presented for stockholder approval;
	•		developing and recommending to the Board of Directors other specific criteria for the selection of individuals to be considered for election or re-election to the Board of Directors;
	•		adopting procedures for the submission of recommendations by stockholders for nominees for the Board of Directors; and
	•		conducting an annual performance evaluation of the Committee and annually reviewing the adequacy of its charter and recommending any proposed changes to the Governance Committee.

     The Nominating Committee identifies nominees by first evaluating the current members of the Board of Directors willing to continue in service. Current members of the Board with skills and experience that are relevant to our business and who are willing to continue in service are first considered for re-nomination, balancing the value of continuity of service by existing members of the Board with that of obtaining a new perspective. In addition, the Committee is authorized by its charter to engage a third party to assist in the identification of director nominees, if it chooses to do so. The Nominating Committee would seek to identify a candidate who, at a minimum, satisfies the following criteria:

	•		the highest personal and professional ethics and integrity and whose values are compatible with our values;
	•		experience and achievements that have given them the ability to exercise and develop good business judgment;
	•		a willingness to devote the necessary time to the work of the Board and its committees, which includes being available for Board and committee meetings;
	•		a familiarity with the communities in which we operate and/or is actively engaged in community activities;

	•		involvement in other activities or interests that do not create a conflict with their responsibilities to Northwest Bancorp, Inc. and its stockholders; and
	•		the capacity and desire to represent the balanced, best interests of our stockholders as a group, and not primarily a special interest group or constituency.

     The Nominating Committee will also take into account whether a candidate satisfies the criteria for “independence” under the Nasdaq corporate governance listing standards.

      Procedures for the Recommendation of Director Nominees by Stockholders. The Nominating Committee has adopted procedures for the submission of recommendations for director nominees by stockholders. There have been no material changes to these procedures since they were previously disclosed in our proxy statement for the 2007 annual meeting of stockholders. If a determination is made that an additional candidate is needed for the Board of Directors, the Nominating Committee will consider candidates submitted by our stockholders. Stockholders can submit the names of qualified candidates for Director by writing to us at 100 Liberty Street, Warren, Pennsylvania 16365, Attention: Corporate Secretary. The Corporate Secretary must receive a submission for consideration for the 2009 Annual Meeting of Stockholders no later than November 21, 2008.

     The submission must include the following information:

	•		a statement that the writer is a stockholder and is proposing a candidate for consideration by the Committee;
	•		the name and address of the stockholder as they appear on our books, and number of shares of our common stock that are owned beneficially by such stockholder (if the stockholder is not a holder of record, appropriate evidence of the stockholder’s ownership will be required);
	•		the name, address and contact information for the candidate, and the number of shares of our common stock that are owned by the candidate (if the candidate is not a holder of record, appropriate evidence of the stockholder’s ownership should be provided);
	•		a statement of the candidate’s business and educational experience;
	•		such other information regarding the candidate as would be required to be included in the proxy statement pursuant to Securities and Exchange Commission Regulation 14A;
	•		a statement detailing any relationship between the candidate and any customer, supplier or competitor of Northwest Bancorp, Inc. or its affiliates;
	•		detailed information about any relationship or understanding between the proposing stockholder and the candidate; and
	•		a statement of the candidate that the candidate is willing to be considered and willing to serve as a Director if nominated and elected.

     A nomination submitted by a stockholder for presentation by the stockholder at an annual meeting of stockholders must comply with the procedural and informational requirements described in our Bylaws.

      Stockholder Communications with the Board. A stockholder of Northwest Bancorp, Inc. who wants to communicate with the Board of Directors or with any individual director can write to us at 100 Liberty Street, Warren, Pennsylvania 16365, Attention: Corporate Secretary. The letter should indicate that the author is a stockholder of Northwest Bancorp, Inc. and, if shares are not held of record, should include appropriate evidence of stock ownership. Depending on the subject matter, management will:

•

forward the communication to the director or directors to whom it is addressed; or

•

attempt to handle the inquiry directly, or forward the communication for response by another employee of Northwest Bancorp, Inc. For example, a request for information about us on a stock-related matter may be forwarded to our stockholder relations officer.

     At each Board meeting, management shall present a summary of all communications received since the last meeting that were not forwarded and make those communications available to the directors.

Attendance at Annual Meetings of Stockholders

     Although we do not have a formal written policy regarding director attendance at annual meetings of stockholders, it is expected that directors will attend these meetings absent unavoidable scheduling conflicts. All of our then-current directors attended the prior fiscal year’s annual meeting of stockholders.

Code of Ethics

     We have adopted a Code of Ethics that is applicable to our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The Code of Ethics is available on our website at http://www.northwestsavingsbank.com . Amendments to and waivers from the Code of Ethics with respect to directors and executive officers will also be disclosed on our website.

Code of Conduct

     We have adopted a Code of Conduct that is applicable to all employees. Each year, the employees are trained with respect to their responsibilities under, and acknowledge that they understand their responsibilities and will comply with all aspects of, the Code of Conduct.

Audit Committee Report

     The Audit Committee has issued a report that states as follows:

	•		we have reviewed and discussed with management and the independent registered public accounting firm our audited consolidated financial statements for the year ended December 31, 2007;
	•		we have discussed with the independent registered public accounting firm the matters required to be discussed by Statement on Auditing Standards No. 61, as amended; and
	•		we have received the written disclosures and the letter from the independent registered public accounting firm required by Independence Standards Board Standard No. 1, “ Independence Discussions with Audit Committees ,” and have discussed with the independent registered public accounting firm their independence.

     Based on the review and discussions referred to above, the Audit Committee recommended to the Board of Directors that the audited consolidated financial statements be included in our Annual Report on Form 10-K for the year ended December 31, 2007 for filing with the Securities and Exchange Commission.

     This report has been provided by the Audit Committee, which consists of Directors Bauer (Chairman), Carr, Long and McDowell.

Section 16(a) Beneficial Ownership Reporting Compliance

     The common stock is registered pursuant to Section 12(b) of the Securities Exchange Act of 1934. The officers and directors of Northwest Bancorp, Inc. and beneficial owners of greater than 10% of our shares of common stock (“10% beneficial owners”) are required to file reports on Forms 3, 4 and 5 with the Securities and

Exchange Commission disclosing beneficial ownership and changes in beneficial ownership. Securities and Exchange Commission rules require disclosure in our Proxy Statement and Annual Report on Form 10-K of the failure of an officer, director or 10% beneficial owner of the shares of common stock to file a Form 3, 4 or 5 on a timely basis. Based on our review of such ownership reports, we believe that no officer, director or 10% beneficial owner of Northwest Bancorp, Inc. failed to file such ownership reports on a timely basis for the year ended December 31, 2007.

Compensation Committee Interlocks and Insider Participation

     Our Compensation Committee determines the salaries to be paid each year to the Chief Executive Officer and those executive officers who report directly to the Chief Executive Officer. The Compensation Committee consists of Directors Carr, who serves as Chairman, Bauer, Creal, Ferrier, King and Tredway. None of these individuals was an officer or employee of Northwest Bancorp, Inc. during the year ended December 31, 2007, or is a former officer of Northwest Bancorp, Inc. Except as described below for Director Ferrier, none of the members of the Compensation Committee had any relationship requiring disclosure under “—Transactions with Certain Related Persons.”

     The following table sets information with respect to loans made by Northwest Savings Bank to Director Ferrier, pursuant to which Director Ferrier received interest rate discounts available to employees of Northwest Savings Bank, as described in “—Transactions with Certain Related Persons.” These loans have otherwise been made in the ordinary course of business, on substantially the same terms, including collateral, as those prevailing at the time for comparable loans with persons not related to Northwest Savings Bank, and do not involve more than the normal risk of collectibility or present other unfavorable features.

Largest

Principal

Nature

Aggregate

Principal

Paid

Interest Paid

Of

Balance over

Interest

Balance

01/01/07 to

01/01/07 to

Name

Position

Transaction

Disclosure Period

Rate

12/31/07

12/31/07

12/31/07

Robert G. Ferrier

Director

Mortgage Fixed Term

$

346,110

4.875% Fixed

$

319,925

$

26,185

$

16,307

Home Equity Line of Credit

$

42,746

9.750% Variable

$

33,735

$

39,000

$

3,257

     During the year ended December 31, 2007, (i) no executive of Northwest Bancorp, Inc. served as a member of the compensation committee (or other board committee performing equivalent functions or, in the absence of any such committee, the entire board of directors) of another entity, one of whose executive officers served on the Compensation Committee of Northwest Bancorp, Inc.; (ii) no executive officer of Northwest Bancorp, Inc. served as a director of another entity, one of whose executive officers served on the Compensation Committee of Northwest Bancorp, Inc.; and (iii) no executive officer of Northwest Bancorp, Inc. served as a member of the compensation committee (or other board committee performing equivalent functions or, in the absence of any such committee, the entire board of directors) of another entity, one of whose executive officers served as a director of Northwest Bancorp, Inc.

Compensation Committee Report

     The Compensation Committee has issued a report that states that it has reviewed and discussed the section entitled “Compensation Discussion and Analysis” with management. Based on this review and discussion, the Compensation Committee recommended to the Board of Directors that the “Compensation Discussion and Analysis” be included in our Proxy Statement.

     This report has been provided by the Compensation Committee, which consists of Directors Carr (Chairman), Bauer, Creal, Ferrier, King and Tredway.

Compensation Discussion and Analysis

      Compensation Philosophy. The Compensation Committee has the responsibility for establishing, implementing and monitoring adherence with our overall corporate compensation philosophy. The Compensation Committee’s goal is to ensure that the total compensation paid to all employees, including executive officers, is fair, reasonable and competitive. In that regard, the Compensation Committee has adopted a framework for our compensation program that is intended to:

	•		provide a total compensation program that is aligned with the interests of our stockholders;
	•		attract and retain talent needed to contend in a competitive market environment;
	•		assist in balancing the sometimes competing needs of external competitiveness, internal consistency, organizational economics, management flexibility, ease of understanding and simplicity of administration;
	•		ensure all employees (including executive officers) receive rewards based on performance and value added to the organization in an environment built on shared leadership; and
	•		use long-term equity programs to motivate and reward performance that increases our market value over time, align senior management interests with the organization’s strategic business objections and to provide a retention incentive.

     At least four times a year, the Compensation Committee meets to review various aspects of our programs with the assistance of our Human Resources Director. These reviews are intended to assure:

	•		the framework for executive officer compensation supports our business strategy and corporate compensation philosophy;
	•		the overall compensation package, including the mix of base salary, annual cash bonuses and equity awards is competitive; and
	•		the overall program is aligned with stockholders’ interest.

     The senior management compensation program utilizes competitive peer group information to determine base salary and annual cash bonus levels. We establish compensation levels for all positions with a goal that the total compensation paid for that position will approximate the market median (50 ^th percentile). See “—Market Comparisons.” Market compensation is developed using national and/or regional financial industry data for executives and other management-level employees, and regional and/or local pay practices for other employees.

      Compensation Program. Compensation paid to our executive officers for 2007 consisted primarily of performance-based salary, annual cash bonuses and stock option awards. An annual cash bonus may be paid to management personnel and is directly related to our performance, with consideration given to our return on average equity, return on average tangible equity, return on average assets, growth in earnings per share, retail asset growth as well as the performance of the individual employee. Stock option awards are granted to motivate and reward individual performance that increases the long-term value of our franchise and provides an incentive for our key employees to remain employed with us. Approximately 320, or 17%, of our employees receive these stock option awards. In addition, all of our employees, including executive officers, generally receive a holiday bonus ranging from 2% of base compensation for employees with one year of service to 5% of base compensation for those with five or more years of service. Executive officers participate in the same employee benefit programs generally available to all employees. In addition, the executive officers participate in a senior management life insurance plan and the Chief Executive Officer participates in a supplemental employee retirement plan.

     Please refer to the “Summary Compensation Table” for compensation information regarding these benefits for 2007. These benefits are aligned with our objective to attract and retain highly qualified management talent for

the benefit of all of our stockholders and are considered by the Compensation Committee to be reasonable when compared to industry averages.

     The Compensation Committee reviewed 2007 compensation for the Named Executive Officers relative to the competitive market and relative to results delivered on established objectives and performance criteria. The Compensation Committee concluded that the executives’ compensation is consistent with market practice and is reasonable based on performance.

      Market Comparisons . In determining executive officer compensation, we utilize market information that is provided by our Human Resources Director, which is supported by survey data from two compensation consultants. We establish compensation targets for all of our employees so that their total compensation opportunity would approximate the market median (50 ^th percentile). For the year ended December 31, 2007, our Human Resources Director utilized survey data from two nationally recognized compensation consultants (Watson Wyatt and William M. Mercer) in reviewing compensation for all employees. However, we also utilized the following peer group in determining market compensation for our executive officers:

          First Commonwealth Financial Corporation
          First Niagara Financial Group, Inc.
          F.N.B. Corporation
          National Penn Bancshares, Inc.
          Provident Bancshares Corporation
          S&T Bancorp, Inc.
          Susquehanna Bancshares, Inc.

     Compensation for our peer group is reviewed for reasonableness. In addition to this review, we rely primarily on certified market data for each job classification and responsibilities.

      Base Salary . Members of senior management, and all other employees, receive base salaries determined by the responsibilities, skills, performance, growth and experience related to their respective positions. Other factors considered in base salary determination are the competitiveness of total compensation and our ability to pay an appropriate and competitive salary. Base salaries are targeted consistent with our goal that our employees total compensation opportunity would approximate the market median (50 ^th percentile). Specifically, base salaries range between 80% and 120% of the midpoint of the base salary established for each salary range. Base salaries above target (midpoint) will be limited to those whose performance clearly exceeds expectations. Performance expectations include measures of results and how results are achieved. Employees are eligible for periodic (normally annual) merit increases in their base salary as a result of individual performance and salary adjustments for significant changes in their duties and responsibilities. The amount and timing of an increase depends upon the individual’s performance, position of salary relative to the midpoint, the time interval since the last increase and any added responsibilities since the last salary increase. The Compensation Committee reviews and approves any salary increases for executive officers. The base salary for each of the Named Executive Officers is reflected in the “Summary Compensation Table.”

      Annual Cash Incentive . We provide performance-based cash incentive awards to over 320 eligible management personnel, including executive officers, under the established Management Bonus Plan. Cash incentives are used to motivate and reward achievement of corporate and individual performance objectives, while allowing us to control fixed compensation expense. Funding for the Management Bonus Plan is based on an assessment of our actual financial performance relative to the Compensation Committee’s pre-established financial performance levels based on a combination of financial factors. Cash incentives are paid in March of each year. For the year ended December 31, 2007, these factors were: return on average assets, return on average equity, return on average tangible equity, growth in earnings per share and retail asset growth. The Management Bonus Plan was funded based on our financial performance for the year ended December 31, 2006 and paid in March 2007. After the conclusion of the fiscal year, the Chief Executive Officer may suggest that the Compensation Committee consider additional adjustments to discretionary cash incentive awards that fall in line with the long-term advancement as set forth in our strategic initiatives. Furthermore, in a business environment where people make the difference, we may consider industry trends for recruitment and retention in determining the level of cash incentives for our professional personnel

     For the year ended December 31, 2007, the Named Executive Officers were eligible to receive cash incentives under the Management Bonus Plan in amounts up to 35% of base salary.

     The Compensation Committee has discretion under the Management Bonus Plan to make adjustments to the overall performance level achieved to include or exclude the effect of extraordinary, unusual or non-recurring items, changes in tax or accounting rules or the effect of mergers or acquisitions.

     Determination of individual awards is based primarily on the financial performance of Northwest Bancorp, Inc., but then includes an objective assessment of individual performance, as appropriate. With regard to executive officers reporting directly to the Chief Executive Officer, the Compensation Committee considers the annual performance evaluation of those executives conducted by the Chief Executive Officer. Measures of individual performance include the achievement levels of both job essential and job specific skills (an evaluation system that places a higher emphasis on job essential skills for all management personnel to demonstrate), meeting strategic business unit objectives and promoting corporate values to customers and employees. Upon consideration of all of these factors, the Compensation Committee approved the cash incentive award payments (bonuses) to eligible management personnel, including payments to the Named Executive Officers that are set forth in the “Summary Compensation Table,” totaling 10% of base salary.

      Long-Term Stock-Based Compensation . The purpose of our 2004 Stock Option Plan is to advance the interests of Northwest Bancorp, Inc. and its stockholders by providing key employees and outside directors, upon whose judgment, initiative and efforts the successful conduct of our business largely depends, with an additional incentive to perform in a superior manner. The plan was also designed to reward seniority as well as longevity and to attract and retain people of experience and ability.

     Our 2004 Stock Option Plan was approved by our stockholders, and the intention of the Compensation Committee was to distribute a total of 655,552 shares to key employees over a four-year period based upon the level of responsibility of those eligible. The Compensation Committee determines on an annual basis, generally in January of each year, which executives will receive stock awards as well as type, size and restrictions on the awards.

     Grants of stock options to an individual are based primarily on the individual’s level of responsibility and their performance. During the year ended December 31, 2007, the Chief Executive Officer was eligible to receive 9,500 stock options if he exceeded individual performance expectations, and 4,750 stock options if he met individual performance goals. Similarly, the other Named Executive Officers were eligible to receive 5,750 stock options if individual performance goals were exceeded, and 2,875 stock options if individual performance goals were met. For the year ended December 31, 2007, each Named Executive Officer received stock options based upon their exceeding individual performance expectations.

     In addition to stock options, Named Executive Officers also received grants of restricted stock during the year ended December 31, 2005 under the Northwest Bancorp, Inc. 2004 Recognition and Retention Plan. No grants were made under this plan to the Named Executive Officers during the year ended December 31, 2007.

      Employment Agreements . We have entered into employment agreements with certain executive officers, including each of our Named Executive Officers. These agreements are designed to give us the ability to retain the services of the designated executives while reducing, to the extent possible, unnecessary disruptions to our operations. The agreements are for a three-year period, are reviewed for renewal annually by the Compensation Committee and provide for salary and bonus payments as well as additional post-employment benefits, primarily health benefits, under certain conditions, as defined in the employment agreements. The employment agreements were negotiated directly with and recommended for approval by, the Compensation Committee. The Compensation Committee believes such agreements are common and necessary to retain executive talent.

     For a discussion of these agreements and the payments that would be received by the Named Executive Officers under certain scenarios with respect to these agreements, see “Employment Agreements.”

      Retirement Plans . All of our employees, including our Named Executive Officers, are eligible to participate in our tax-qualified defined benefit plan, which is intended to provide an annual retirement benefit. See

“Defined Benefit Plan.” We have also adopted a non-qualified supplemental executive retirement plan for the benefit of those individuals whose benefits under the defined benefit plan are limited by restrictions contained in the Internal Revenue Code. See “—Supplemental Executive Retirement Plan.” All of our employees who have attained age 21, completed six or more months of continuous service and have worked 1,000 hours or more are eligible to participate in our 401(k) plan. We provide matching contributions equal to 50% of an eligible employee’s (an employee with one year of continuous service) 401(k) plan contributions, up to 3% of the employee’s eligible compensation. All of our employees who have attained age 21 and have completed 12 months of service during which they have worked at least 1,000 hours are also eligible to participate in our employee stock ownership plan. Allocations under the plan are based upon an employee’s salary in relation to the salary of all other qualified employees. Annual contributions to this plan are discretionary. During the year ended December 31, 2007, we allocated only those shares that had been forfeited by former employees, resulting in no new expense under this plan for the calendar year. The 401(k) plan was modified as of January 1, 2008 to allow for immediate participation in the plan. The minimum age requirement of 21, one year of service and 1,000 hour eligibility requirements still must be met before becoming eligible for the company match. Additionally, the plan was changed to allow for the company match to be made in Northwest Bancorp stock. Employees may elect to diversify their portion of matching funds in other investment options.

      Tax and Accounting Implications. In consultation with our advisors, we evaluate the tax and accounting treatment of each of our compensation programs at the time of adoption and on an annual basis to ensure that we understand the financial impact of the program. Our analysis includes a detailed review of recently adopted and pending changes in tax and accounting requirements. As part of our review, we consider modifications and/or alternatives to existing programs to take advantage of favorable changes in the tax or accounting environment or to avoid adverse consequences. To preserve maximum flexibility in the design and implementation of our compensation program, we have not adopted a formal policy that requires all compensation to be tax deductible. However, to the greatest extent possible, it is our intent to structure our compensation programs in a tax efficient manner.

Executive Compensation

     The following table sets forth for the years ended December 31, 2007 and 2006 certain information as to the total remuneration we paid to Mr. Wagner, who serves as President and Chief Executive Officer, Mr. Harvey, who serves as Chief Financial Officer, and the three most highly compensated executive officers of Northwest Bancorp, Inc. or Northwest Savings Bank other than Messrs. Wagner and Harvey (“Named Executive Officers”).

SUMMARY COMPENSATION TABLE

																										Change in pension
																										value and
																										nonqualified
																						Non-equity				deferred				All other
Name and principal														Stock awards				Option awards				incentive plan				compensation				compensation
position		Year				Salary ($)				Bonus ($)				($)(1)				($)(2)				compensation ($)				earnings ($)(3)				($)(4)				Total ($)
William J. Wagner,			2007				457,190				22,859				65,117				52,964				46,500				76,415				33,956				755,001
Chairman of the Board,			2006				441,741				22,087				65,117				45,862				44,900				161,926				32,402				814,035
President and Chief Executive Officer
William W. Harvey, Jr.			2007				180,388				9,019				51,408				28,955				19,500				9,407				13,232				308,009
Executive Vice			2006				152,900				7,645				51,408				23,066				13,300				14,862				13,093				276,274
President- Finance and Chief Financial Officer
Gregory C. LaRocca,			2007				190,527				9,526				30,845				29,383				20,000				33,102				16,652				326,035
Executive Vice President			2006				176,867				8,843				30,845				42,766				14,500				52,169				16,365				342,355
and Corporate Secretary
Robert A. Ordiway,			2007				203,116				10,156				30,845				29,383				20,800				48,952				14,968				354,020
Executive Vice			2006				193,913				9,696				30,845				42,766				15,900				91,729				15,124				399,973
President, Marketing and Facilities
Steven G. Fisher,			2007				180,388				9,019				30,845				26,092				19,500				32,178				12,392				306,514
Executive Vice			2006				152,900				7,645				30,845				21,391				13,300				43,904				11,860				281,845
President, Banking Services

(footnotes on following page)

(footnotes from previous page)

		Company
		Contributions to
		Qualified				Company
		Defined				Paid Life				Restricted
		Contribution				Insurance				Stock				Total All Other
Name		Plan (a)				Premiums (b)				Dividends (c)				Compensation
William J. Wagner		$	10,250			$	15,437			$	8,269			$	33,956
William W. Harvey, Jr.		$	5,412			$	1,292			$	6,528			$	13,232
Gregory C. LaRocca		$	5,716			$	7,019			$	3,917			$	16,652
Robert A. Ordiway		$	6,094			$	4,957			$	3,917			$	14,968
Steven G. Fisher		$	5,412			$	3,063			$	3,917			$	12,392

     Amounts listed above in the “Salary” column are paid pursuant to employment agreements with the Named Executive Officers. See “Employment Agreements.” Amounts listed in the “Bonus” column reflect a discretionary bonus approved by the Compensation Committee and distributed to all employees calculated on a five-year vesting schedule. Distribution ranges vary from 0% to 5% of base pay. Named Executive Officers received bonuses equal to 5% of base pay for the year ended December 31, 2007. Amounts listed in the “Non-equity incentive plan compensation” column reflect discretionary bonuses paid by the Compensation Committee under the Management Bonus Plan. See “Compensation Discussion and Analysis—Annual Cash Incentive.” Amounts listed in the “Change in pension value and nonqualified deferred compensation earnings” column reflect the aggregate year-to-year change in the actuarial present value of the Named Executive Officer’s accrued pension benefit under all

qualified and non-qualified defined benefit plans based on the assumptions used for SFAS 87 accounting purposes at each measurement date. As such, the change reflects changes in value due to an increase or decrease in the SFAS 87 discount rate as well as changes due to the accrual of plan benefits.

      Plan-Based Awards . The following table sets forth for the year ended December 31, 2007 certain information as to grants of plan-based awards for the Named Executive Officers.

GRANTS OF PLAN-BASED AWARDS FOR THE YEAR ENDED DECEMBER 31, 2007

																																		All other option
						Estimated future payouts under												Estimated future payouts under																awards: number of
						Non-equity incentive plan awards												equity-incentive plan awards												All other stock				securities				Exercise or base				Closing Market				Grant Date Fair
						Threshold								Maximum				Threshold								Maximum				awards: number of				underlying options				price of option				Price on Date of				Value of Stock and
Name		Grant date				($)(1)				Target ($)				($)				(#)				Target (#)				(#)				shares or units (#)				(#)				awards ($/Sh)				Grant				Option Awards ($)
William J.			(2	)			46,500				93,000				162,800				—				—				—				—				—				—				—				—
Wagner			(3	)			—				—				—				4,750				9,500				9,500				—				—				25.03				25.14				31,160
William W.			(2	)			19,500				39,000				68,300				—				—				—				—				—				—				—				—
Harvey, Jr.			(3	)			—				—				—				2,875				5,750				5,750				—				—				25.03				25.14				18,860
Gregory C.			(2	)			20,000				40,000				70,000				—				—				—				—				—				—				—				—
LaRocca			(3	)			—				—				—				2,875				5,750				5,750				—				—				25.03				25.14				18,860
Robert A.			(2	)			20,800				41,400				72,500				—				—				—				—				—				—				—				—
Ordiway			(3	)			—				—				—				2,875				5,750				5,750				—				—				25.03				25.14				18,860
Steven G.			(2	)			19,500				39,000				68,300				—				—				—				—				—				—				—				—
Fisher			(3	)			—				—				—				2,875				5,750				5,750				—				—				25.03				25.14				18,860

     Grants of cash bonuses reflected in the above table were made under our Management Bonus Plan. For the year ended December 31, 2007, bonuses were paid in March 2008, in the amounts listed in the “Summary Compensation Table.” For a discussion of this plan, see “Compensation Discussion and Analysis—Annual Cash Incentive.”

     Grants of stock options reflected in the above table were made pursuant to the Northwest Bancorp, Inc. 2004 Stock Option Plan. For the year ended December 31, 2007, options were awarded in January 2008 to each Named Executive Officer in the amounts listed in the “Target” column. Stock options vest over five years beginning one year from the date of grant, but vesting is accelerated in the event of a change in control of Northwest Savings Bank or Northwest Bancorp, Inc., or in the event of the recipient’s death, disability or normal retirement (generally, the attainment of age 65, or the attainment of age 55 having completed 15 years of service, or retiring at any age having completed at least 25 years of service). The exercise price of stock options is the closing price of our shares of common stock on the day before the date of grant. For a further discussion of grants made pursuant to this plan for the year ended December 31, 2007, see “Compensation Discussion and Analysis—Long-Term Stock-Based Compensation.”

      Outstanding Equity Awards at Year End . The following table sets forth information with respect to outstanding equity awards as of December 31, 2007 for the Named Executive Officers.

OUTSTANDING EQUITY AWARDS AT DECEMBER 31, 2007
																						Stock awards
																																		Equity
																																		incentive
																														Equity				plan
		Option awards																												incentive				awards:
										Equity																				plan				market or
										incentive																Market				awards:				payout
										plan																value				number of				value of
										awards:																of shares				unearned				unearned
		Number of				Number of				number of												Number of				or units				shares,				shares,
		Securities				securities				securities												shares or				of stock				units or				units or
		underlying				underlying				underlying												units of				that have				other				other rights
		unexercised				unexercised				unexercised				Option				Option				stock that				not				rights that				that
		options (#)				options (#)				unearned				exercise				expiration				have not				vested				have not				have not
Name		exercisable				unexercisable				options (#)				price ($)				date				vested (#)				($)				vested (#)				vested ($)
William J. Wagner			8,600				—				—				9.780				10/17/11				9,120	(5)			242,318				—				—
			11,000				—				—				13.302				08/21/12
			11,000				—				—				16.590				08/20/13
			8,800				2,200	(1)			—				25.490				12/15/14
			3,800				5,700	(2)			—				22.930				01/19/15
			1,900				7,600	(3)			—				22.180				01/18/16
			—				9,500	(4)			—				25.890				01/17/17
William W. Harvey, Jr.			2,500				—				—				7.813				10/19/09				7,200	(5)			191,304				—				—
			4,300				—				—				9.780				10/17/11
			5,100				—				—				13.302				08/21/12
			5,100				—				—				16.590				08/20/13
			4,080				1,020	(1)			—				25.490				12/15/14
			2,300				3,450	(2)			—				22.930				01/19/15
			1,150				4,600	(3)			—				22.180				01/18/16
			—				5,750	(4)			—				25.890				01/17/17
Gregory C. LaRocca			4,300				—				—				9.780				10/17/11				4,320	(5)			114,782				—				—
			5,100				—				—				13.302				08/21/12
			5,100				—				—				16.590				08/20/13
			4,080				1,020	(1)			—				25.490				12/15/14
			1,800				2,700	(2)			—				22.930				01/19/15
			900				3,600	(3)			—				22.180				01/18/16
			—				5,750	(4)			—				25.890				01/17/17
Robert A. Ordiway			4,300				—				—				9.780				10/17/11				4,320	(5)			114,782				—				—
			5,100				—				—				13.302				08/21/12
			5,100				—				—				16.590				08/20/13
			4,080				1,020	(1)			—				25.490				12/15/14
			1,800				2,700	(2)			—				22.930				01/19/15
			900				3,600	(3)			—				22.180				01/18/16
			—				5,750	(4)			—				25.890				01/17/17
Steven G. Fisher			4,300				—				—				9.780				10/17/11				4,320	(5)			114,782				—				—
			5,100				—				—				13.302				08/21/12
			5,100				—				—				16.590				08/20/13
			4,080				1,020	(1)			—				25.490				12/15/14
			1,800				2,700	(2)			—				22.930				01/19/15
			900				3,600	(3)			—				22.180				01/18/16
			—				5,750	(4)			—				25.890				01/17/17

(footnotes from previous page)

      Option Exercises and Stock Vested. The following table sets forth information with respect to option exercises and stock that vested during the year ended December 31, 2007 for the Named Executive Officers. Information for the “Value realized on vesting” column is based on the $26.80 per share trading price of our common stock on March 16, 2007.

OPTION EXERCISES AND STOCK VESTED FOR THE YEAR ENDED
DECEMBER 31, 2007
		Option awards								Stock awards
		Number of shares								Number of shares
		acquired on exercise				Value realized on				acquired on vesting				Value realized on
Name		(#)				exercise ($)				(#)				vesting ($)
William J. Wagner			—				—				3,040				81,472
William W. Harvey, Jr.			—				—				2,400				64,320
Gregory C. LaRocca			—				—				1,440				38,592
Robert A. Ordiway			—				—				1,440				38,592
Steven G. Fisher			—				—				1,440				38,592

      Pension Benefits. The following table sets forth information with respect to pension benefits at and for the year ended December 31, 2007 for the Named Executive Officers. See “—Defined Benefit Plan” and “—Supplemental Executive Retirement Plan” for a discussion of the plans referenced in this table.

PENSION BENEFITS AT AND FOR THE YEAR ENDED DECEMBER 31, 2007
								Present
				Number of years credited				value of accumulated				Payments during last
Name		Plan name		service (#)				benefit ($)				fiscal year ($)
William J. Wagner		Northwest Savings Bank Pension Plan			24				515,018				—
		Northwest Savings Bank Non-Qualified Supplemental Retirement Plan			24				551,091				—
William W. Harvey, Jr.		Northwest Savings Bank Pension Plan			12				69,133				—
Gregory C. LaRocca		Northwest Savings Bank Pension Plan			22				353,617				—
Robert A. Ordiway		Northwest Savings Bank Pension Plan			33				709,385				—
Steven G. Fisher		Northwest Savings Bank Pension Plan			24				248,593				—

      Nonqualified Deferred Compensation. The following table sets forth information with respect to defined contribution and other nonqualified deferred compensation plans at and for the year ended December 31, 2007 for the Named Executive Officers.

NONQUALIFIED DEFERRED COMPENSATION AT AND FOR THE YEAR ENDED DECEMBER 31, 2007
		Executive				Registrant				Aggregate								Aggregate
		contributions				contributions				earnings in				Aggregate				balance
		in last fiscal				last fiscal				last fiscal				withdrawals/				at last fiscal
Name		year ($)				in year ($)				year ($)				distributions ($)				year end ($)
William J. Wagner			—				—				805	(1)			—				16,907	(1)
William W. Harvey, Jr.			—				—				—				—				—
Gregory C. LaRocca			—				—				—				—				—
Robert A. Ordiway			—				—				—				—				—
Steven G. Fisher			—				—				—				—				—

     Effective December 31, 2005, Northwest Savings Bank suspended the Northwest Savings Bank and Affiliates Upper Managers’ Bonus Deferred Compensation Plan. Under this plan, certain employees of Northwest Savings Bank were eligible to defer all or part of their annual management incentive bonus. Interest is credited to a participant’s deferred compensation account at the annual earnings rate paid on Northwest Savings Bank’s five-year certificates of deposit, calculated as of the end of the preceding fiscal year. The interest rate paid for 2007 was 4.91%. Under this plan, participants could elect to receive either a lump-sum payment or approximately equal monthly installments over a period of up to 10 years, with payment commencing upon the earlier of specified events selected by the participant, including retirement, voluntary resignation, involuntary termination, death, disability, reaching a certain age or on a date selected by the participant. Mr. Wagner is the only Named Executive Officer who participated in this plan.

Employment Agreements

     Northwest Bancorp, Inc., Northwest Bancorp, MHC and Northwest Savings Bank are parties to a three-year employment agreement with Mr. William J. Wagner under which Mr. Wagner serves as President and Chief Executive Officer and as a director or trustee of Northwest Bancorp, MHC, Northwest Savings Bank and Northwest Bancorp, Inc. On each anniversary date the contract renews for an additional year, and if it is not renewed it expires 36 months following the anniversary date. Under the agreement, Mr. Wagner’s base salary ($465,100, effective July 1, 2007) is reviewed annually and may be increased but not decreased. In the event Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank terminates Mr. Wagner’s employment for reasons other than for “cause” (as defined below), or if Mr. Wagner resigns following a “change of control” (as defined below), or if Mr. Wagner resigns due to “good reason” (as defined below), Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank will pay Mr. Wagner severance pay equal to:

	(i)		three times the sum of his highest rate of base salary, plus his highest rate of cash bonus paid during the prior three years, and
	(ii)		continuation of life, health and dental coverage for 36 months from the date of termination, unless Mr. Wagner obtains similar benefits from his new employer.

To the extent necessary in order to avoid penalties under Section 409A of the Internal Revenue Code, the base salary and bonus amount shall be paid in a lump sum on the first day of the seventh month following the date of termination and no contributions shall be made by Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank to the life, health and dental coverage until the first day of the seventh month following termination of employment. The agreement contains a one-year non-compete provision which restricts Mr. Wagner from competing with Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank following a termination of employment within 100 miles of any existing office or branch of Northwest Bancorp, Inc., Northwest

Bancorp, MHC or Northwest Savings Bank or location for which regulatory approval is pending for an office or branch.

     Northwest Bancorp, Inc., Northwest Bancorp, MHC and Northwest Savings Bank and Messrs. LaRocca, Ordiway, Harvey and Fisher (the “executives”) are each a party to a three-year employment agreement under which the executives serve as executive officers of Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank. On each anniversary date the contract renews for an additional year, and if it is not renewed it expires 36 months following such anniversary date. Under the agreement, each of the executive’s current base salary is reviewed annually and may be increased but not decreased. As of July 1, 2007, Mr. LaRocca’s base salary was $200,000; Mr. Ordiway’s base salary was $207,600; Mr. Harvey’s base salary was $195,000 and Mr. Fisher’s base salary was $195,000. In the event Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank terminates the executive’s employment for reasons other than for “cause” (as defined below), or if the executive resigns following a “change of control” (as defined below), or if the executive resigns due to “good reason” (as defined below), Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank will pay the executive severance pay equal to three times the executive’s highest rate of base salary paid to him during the prior three years and a pro rata distribution under any incentive compensation or bonus plan for the year in which the executive’s employment is terminated for reasons other than for “cause” (as defined below). Northwest Savings Bank would also continue the executive’s life, medical and dental coverage for 18 months from the date of termination, unless the executive obtains similar benefits from his new employer. To the extent necessary in order to avoid penalties under Internal Revenue Code Section 409A, the base salary and bonus amount shall be paid in a lump sum on the first day of the seventh month following the date of termination and no contributions shall be made by Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank to the life, health and dental coverage until the first day of the seventh month following termination of employment. The employment agreement contains a two-year non-compete provision which restricts the executives from competing with Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank following termination of employment within 100 miles of any existing office or branch of Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank or location for which regulatory approval is pending for an office or branch.

     The following provisions apply to all of the employment agreements. If the executive’s employment is terminated for “cause” (as defined below), no further compensation or benefits shall be paid under the employment agreement and all unvested stock options awarded to the executive shall be immediately forfeited. Any payments to the executive would be reduced, if necessary, so as not to be an “excess parachute payment” as defined by Internal Revenue Code Section 280G (relating to payments made in connection with a change in control). If the executive becomes disabled (within the meaning of Internal Revenue Code Section 409A), Northwest Savings Bank may terminate the employment agreement but will pay the executive his then-current base salary for the longer of the remaining term of the agreement or one year, reduced by the amount of any disability insurance, workers’ compensation or social security benefits paid to the executive. If the executive dies during the term of the agreement, Northwest Savings Bank shall continue to pay his then-current base salary for one year and shall provide life, medical and dental benefits for the executive’s family for three years after the executive’s death, at generally the same level as Northwest Savings Bank was providing such benefits at the time of the executive’s death. During the employment term and thereafter, the executive shall be indemnified and covered under a standard directors’ and officers’ liability insurance policy provided by Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank against all expenses and liabilities reasonably incurred in connection with or arising out of any action in which the executive may be involved by reason of his having been a director or officer of Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank, including judgments, court costs, attorneys fees and settlements approved by the board of directors. However, such indemnification does not apply to matters where the executive is adjudged liable for willful misconduct in performing his duties. All payments under any of the employment agreements will be made by Northwest Savings Bank, but if not timely paid, Northwest Bancorp, MHC or Northwest Bancorp, Inc. shall make such payments. The employment agreements are binding on successors to Northwest Bancorp, Inc., Northwest Bancorp, MHC and Northwest Savings Bank.

     The following definitions apply to all of the employment agreements.

     Termination for “cause” means termination because of the executive’s personal dishonesty, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-

desist order or other material breach of any provision of the employment agreement. In determining incompetence, the acts or omissions are measured against standards generally prevailing in the savings institutions industry. No act or failure to act shall be considered “willful” unless done or omitted to be done by the executive not in good faith and without reasonable belief that the executive’s action or omission was in the best interest of Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank.

     Termination for “good reason” means an executive’s voluntary resignation, upon not less than 120 days advance written notice given no later than 12 months after the occurrence of any of the following events:

	(i)		reduction in the executive’s base salary or benefits and perquisites, other than a general reduction that applies to all executives, unless such reduction is coincident with or following a “change in control” (as defined below);
	(ii)		in the case of Mr. Wagner, failure to re-elect, re-appoint or re-nominate him to his position as President and Chief Executive Officer and as director or trustee of Northwest Bancorp, Inc., Northwest Bancorp, MHC and Northwest Savings Bank or a change in Mr. Wagner’s function, duties or responsibilities which would cause his position to become one of lesser responsibility, importance or scope;
	(iii)		in the case of the other executives, reduction in their duties, responsibilities or status, such that there is a reduction in the executive’s pay grade level in effect on the date of the employment agreement of more than three levels (in accordance with Northwest Savings Bank’s normal personnel practices, as circulated annually to officers of Northwest Savings Bank);
	(iv)		a relocation of the executive’s principal place of employment by more than 30 miles; (v) liquidation or dissolution of Northwest Bancorp, Inc. or Northwest Savings Bank other than reorganizations that do not affect the status of the executive; or
	(vi)		breach of the employment agreement by Northwest Bancorp, Inc. or Northwest Savings Bank.
	“Change in control” means a change in control of a nature that:
	(i)		would be required to be reported in response to Item 1(a) of Form 8-K, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”);
	(ii)		results in a change in control of Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank within the meaning of the Bank Holding Company Act, as amended, and the applicable rules and regulations thereunder; or
	(iii)		a change in control shall be deemed to have occurred at such time as:

	(a)		any “person” (as defined in Sections 13(d) and 14(d) of the Exchange Act) other than Northwest Bancorp, MHC is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Northwest Bancorp, Inc. representing 25% or more of the combined voting power of Northwest Bancorp, Inc.’s outstanding securities except for any securities purchased by Northwest Savings Bank’s employee stock ownership plan or trust;
	(b)		individuals who constitute the board of directors on the effective date of the employment agreement (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date of the employment agreement whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by Northwest Bancorp, Inc.’s stockholders was approved by the same nominating committee

			serving under the Incumbent Board, shall be, for purposes of this clause (b), considered as though he were a member of the Incumbent Board;
	(c)		a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of Northwest Bancorp, Inc., Northwest Bancorp, MHC or Northwest Savings Bank or similar transaction in which Northwest Bancorp, Inc. or Northwest Savings Bank is not the surviving institution occurs;
	(d)		a proxy statement soliciting proxies from stockholders of Northwest Bancorp, Inc., by someone other than the current management of Northwest Bancorp, Inc., seeking stockholder approval of a plan of reorganization, merger or consolidation of Northwest Bancorp, Inc. or similar transaction with one or more corporations or financial institutions, and as a result of such proxy solicitation, a plan of reorganization, merger or consolidation or similar transaction involving Northwest Bancorp, Inc. is approved by Northwest Bancorp, Inc.’s board of directors or the requisite vote of Northwest Bancorp, Inc.’s stockholders; or
	(e)		a tender offer is made for 25% or more of the voting securities of Northwest Bancorp, Inc. and the shareholders owning beneficially or of record 25% or more of the outstanding securities of Northwest Bancorp, Inc. have tendered or offered to sell their shares pursuant to such tender offer and such tendered shares have been accepted by the tender offeror.

Potential Payments to Named Executive Officers

     The following tables show potential payments that would be made to the Named Executive Officers upon specified events, assuming such events occurred on December 31, 2007, pursuant to each individual’s employment agreement, pursuant to stock options that have been granted under our stock option plans and pursuant to our policies with respect to health care and other benefits continuation. For a discussion of additional benefits that would be paid to the Named Executive Officers upon various termination scenarios, see “—Defined Benefit Plan,” “—Supplemental Executive Retirement Plan,” and “—Life Insurance Coverage.”

William J. Wagner
		Involuntary
		Termination or
		Termination for
		Good Reason Before
		Change in Control
		or Voluntary
		Termination Upon or
Type of		Any Time After				Voluntary				Termination for
Benefit		Change in Control				Termination				Cause				Death				Disability				Retirement
Severance pay		$	1,395,300				—				—			$	465,100			$	855,300				—
Bonus payment		$	315,778			$	105,259				—			$	105,259			$	105,259			$	105,259
Stock option vesting acceleration		$	62,948				—				—			$	62,948			$	62,948				—
Health care and other benefits continuation		$	39,385				—				—			$	35,101				—				—