First National Bank of Pennsylvania has secured the approval of the Office of the Comptroller of the Currency (OCC) to acquire 17 branches of Fifth Third Bank in the Pittsburgh MSA.
Cincinnati, Ohio-based Fifth Third Bank is the principal subsidiary of Fifth Third Bancorp.
The sale forms part of Fifth Third Bank’s broader plans for consolidation its banking network.
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.
Go-ahead from the OCC is the final approval required for the deal completion, which is expected by the second quarter of 2016.
"The transaction will be additive to FNB’s retail delivery channel, creating access to over 100 branches in the Company’s Pittsburgh region," First National Bank said while announcing the deal in September.