Banking & Finance

Bank of America to Sell 5 Branches to FNB Corp.

PITTSBURGH – Bank of America has agreed to sell five of its branches in eastern Pennsylvania, which combined have $280 million in deposits, to F.N.B. Corp. at a price that includes a deposit premium of $7.7 million plus other undetermined considerations.

The president and CEO of F.N.B., Vincent J. Delie Jr., made the announcement Wednesday. F.N.B. is the holding company of First National Bank of Pennsylvania and the Bank of America offices would become branches of First National Bank pending regulatory approval.

Bank of America and F.N.B. expect the sale to be completed in the third quarter.

It its filing of intent to purchase with the Securities and Exchange Commission, F.N.B. said First National Bank “will acquire approximately $280 million in deposits and related assets for a purchase price consisting of (i) a deposit premium of approximately $7.7 million and (ii) an amount equal to (A) the carrying value of assets on the book of Bank of America as of the closing date, and (B) the accrued unpaid interest on any loans acquired.”

F.N.B. also said, ”Exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K.”

First National Bank has 280 retail offices in Maryland, the West Virginia panhandle, across Pennsylvania and in northeastern Ohio. Pending completion of the sale, First National Bank would have 225 offices in the commonwealth of Pennsylvania.

 

Published by The Business Journal, Youngstown, Ohio.