Printer Friendly

PNC, FIRST NATIONAL PENNSYLVANIA CORPORATION MERGER APPROVED

 PNC, FIRST NATIONAL PENNSYLVANIA CORPORATION MERGER APPROVED
 PITTSBURGH, June 22, /PRNewswire/ -- PNC Financial Corp (NYSE: PNC) and The First National Pennsylvania Corporation (NASDAQ: FNPC) announced today that regulatory authorities have provided all the approvals required for the merger of the two bank holding companies and for the merger of The First National Bank of Pennsylvania, based in Erie, Pa., into PNC's Marine Bank, also headquartered in Erie.
 Under the merger agreement, First National Pennsylvania stockholders will receive 0.81 shares of PNC common stock for each share of First National Pennsylvania common stock. The bank holding companies said they anticipate closing the transaction on July 24.
 On closing, 10 community offices of The First National Bank of Pennsylvania are scheduled to join Marine Bank. Pursuant to a divestiture plan also approved by regulators, First National Bank of Mercer County, an affiliate of F.N.B. Corporation (NASDAQ: FBAN), Hermitage, Pa., will acquire at the closing another 10 branches of The First National Bank of Pennsylvania in Erie and Crawford counties and will acquire three Marine branches in Crawford and Mercer counties at a subsequent date.
 The assets of PNC's Marine Bank following the merger (on a pro forma basis) will be approximately $2.5 billion. Marine Bank will have 57 community banking offices in Erie, Crawford, Warren, McKean, Forest, Elk and Mercer counties.
 PNC Financial Corp, headquartered in Pittsburgh, is the nation's 14th-largest bank holding company, with assets of $43.8 billion. It operates approximately 500 community banking offices in Pennsylvania, Kentucky, Ohio, Indiana and Delaware and conducts business through additional offices in 16 states.
 PNC's principal banking affiliates include: Pittsburgh National Bank, Pittsburgh; Provident National Bank, Philadelphia; Citizens Fidelity Bank, Louisville, Ky.; Central Trust, Cincinnati; Bank of Delaware, Wilmington, Del.; Northeastern Bank, Scranton, Pa.; Marine Bank, Erie, Pa.; PNC National Bank, Wilmington, Del.; Hershey Bank, Hershey, Pa.; and The First Bank and Trust Company, Mechanicsburg, Pa.
 The First National Pennsylvania Corporation is a bank holding company headquartered in Erie, Pa. Affiliates in addition to The First National Bank of Pennsylvania include East Bay Mortgage Corporation, which is engaged in the organization and sale of residential mortgage loans, and First National Pennsylvania Investment Co., which is involved in the purchase and sale of securities.
 /delval/
 -0- 6/22/92
 /CONTACT: Jonathan Williams, media, 412-762-4550, or at home, 412-257-3257, or William H. Callihan, investors, 412-762-8257, both of PNC Financial Corp; or Darcel H. Steber, media, of Marine Bank 814-871-9562, or at home, 814-864-0496/
 (PNC FNPC FBAN) CO: PNC Financial Corp; The First National Pennsylvania Corporation
 F.N.B. Corporation ST: Pennsylvania IN: FIN SU: TNM


CD -- PG003 -- 2228 06/22/92 08:20 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 22, 1992
Words:443
Previous Article:FOURTH SURVEY ON U.S. HOSPITALS AND THE FUTURE OF HEALTHCARE
Next Article:J & J SNACK FOODS NAMES DENNIS MOORE AS CHIEF FINANCIAL OFFICER
Topics:


Related Articles
PNC BOARD APPROVES CCNB ACQUISITION
PNC BOARD APPROVES FLAGSHIP FINANCIAL ACQUISITION
INITIAL DUE DILIGENCE REVIEW OF CCNB CORPORATION COMPLETED
FLAGSHIP FINANCIAL ISSUES ANNOUNCEMENT
FIRST NATIONAL SHAREHOLDERS APPROVE MERGER AGREEMENT
PNC, FIRST NATIONAL PENNSYLVANIA MERGER CLOSES
CCNB MERGER WITH PNC FINANCIAL RECEIVES REGULATORY APPROVAL
PNC COMPLETES ACQUISITION OF CCNB CORPORATION
PNC ACQUISITION OF FLAGSHIP FINANCIAL RECEIVES REGULATORY APPROVAL
FIRST EASTERN SHAREHOLDERS APPROVE MERGER AGREEMENT WITH PNC BANK CORP.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters