First Commonwealth Financial has wrapped up the previously announced takeover of 14 Santander Bank branches in central Pennsylvania.
First announced in April, the transaction expands First Commonwealth’s footprint into State College, Lock Haven, Williamsport and Lewisburg markets.
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The acquisition is expected to add around 23,000 retail and small business households to First Commonwealth Financial’s portfolio. It will also strengthen its deposit base.
Overall, the acquired branches had approximately $525m of deposits and $120m of retail and business loans as of 31 March 2019.
First Commonwealth CEO T. Michael Price said: “With the legal close and conversion successfully completed, we can now turn our attention toward serving the needs of nearly 23,000 new consumer and business households and expanding our commercial presence in these great new markets.
“We are a mission-driven community bank, and look forward to serving these communities and improving the financial lives of its businesses and their families for many years to come.”
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By GlobalDataFirst Commonwealth said that it has transformed the acquired bank offices and transitioned all customer accounts, with all 14 locations opened as First Commonwealth Bank branches.
Headquartered at Indiana in Pennsylvania, First Commonwealth Financial has 147 community banking offices in 28 counties in Pennsylvania and Ohio.
