First National Bank of Pennsylvania, a subsidiary of Pittsburgh-based FNB, has agreed to acquire 17 branches of Cincinnati, Ohio-based Fifth Third Bank in the Pittsburgh region.
The move, which marks Fifth Third Bank’s withdrawal from retail banking business in Pittsburgh, will give FNB more than 100 branches in the region.
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The deal also include the purchase of about $383m of retail and private banking deposits and related consumer loans in the Pittsburgh MSA from Fifth Third Bank.
FNB president and CEO Vincent Delie, Jr. said: "We are excited to announce a transaction that enhances our comprehensive retail delivery channel and improves efficiency within FNB’s largest region.
"Additionally, the low-cost core deposits will strengthen FNB’s ability to pursue organic growth opportunities."
The transaction, which is subject to regulatory approval, is scheduled to be completed in early 2016.
