Fifth Third Sells 17 Offices to First National Bank
PITTSBURGH — First National Bank of Pennsylvania, the largest subsidiary of F.N.B. Corp., has agreed to buy 17 offices of Fifth Third Bank in this market and acquire some $383 million in retail and private deposits as well as related consumer loans, Vincent J. Delie Jr. announced this morning.
Delie is president and CEO of both the bank and its holding company, which has $19.6 billion in assets and some 300 banking offices across Pennsylvania, northeastern Ohio, in northern West Virginia and Maryland.
Fifth Third, based in Cincinnati, said the agreement is related to its “broader bank consolidation plans announced in June.” Fifth Third, which has $142 billion in assets, has 1,299 full-service offices in its network and another 101 “Bank Marts.” The company said it remains “committed to its commercial coverage in Pittsburgh.”
F.N.B. and Fifth Third expect to complete the transaction early next year pending regulatory review and approval, both said.
The purchase price was not disclosed and, as of this morning, neither holding company had filed its intent of the transaction with the Securities and Exchange Commission.
In a prepared statement, Delie said, “We are excited to announce a transaction that enhances our comprehensive retail delivery channel and timely transition. We believe our new and exiting customers will benefit by being part of one of the largest retail banks in Pittsburgh and will be very pleased with our comprehensive suite of retail and commercial products including top-tier online and mobile banking services.
RBC Capital Markets was the financial adviser to First National Bank, Reed Smith LLP as legal adviser. Deutsch Bank Securities was financial adviser to Fifth Third, Debevoise & Plimpton legal counsel in the transaction.
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