First National Bank of Pennsylvania, a subsidiary of F.N.B., has wrapped up its acquisition of 17 Fifth Third Bank branches in the Pittsburgh MSA after securing necessary legal and regulatory approvals.
FNB now operates over 100 locations in its the Pittsburgh Region, and oversees more than $20bn in assets.
Go deeper with GlobalData
"Through this transaction, FNB has improved its Pittsburgh delivery channel, gaining critical mass and increasing both efficiency and access to new opportunities," FNB said in a statement.
FNB is currently the second largest bank by assets in Pennsylvania operating from over 300 locations in Pennsylvania, Ohio, Maryland and West Virginia.
The transaction, announced in September 2015, also included purchase of about $383m in retail and private banking deposits, as well as related consumer loans in the Pittsburgh MSA from Fifth Third Bank.
The sale is part of Fifth Third Bank’s broader strategy to consolidate its banking network.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
