American bank holding company FNB Corporation has revealed plans to divest its consumer finance subsidiary Regency Finance Company to Mariner Finance to improve the overall positioning of its consumer banking business.
Regency Finance runs 77 branches in Pennsylvania, Ohio, Kentucky and Tennessee and had total assets of $170m as of 31 March 2018.
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Upon receiving regulatory approvals and other customary closing conditions, the divestiture of Regency Finance Company is scheduled to be completed during the second half of 2018.
Furthermore, under a branch optimisation programme, FNB will consolidate up to 20 bank branches of its retail banking subsidiary, First National Bank of Pennsylvania (Bank) this year.
FNB noted that the consolidations of bank branches will enhance the operating efficiency of its retail delivery channel, improve the credit risk profile of the consumer loan portfolio and provide additional liquidity, among other benefits.
FNB manages total assets of $32bn and runs more than 400 bank offices across North Carolina, South Carolina, Pennsylvania, Ohio, Maryland and West Virginia.
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