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PNC, FIRST NATIONAL PENNSYLVANIA MERGER CLOSES

 PNC, FIRST NATIONAL PENNSYLVANIA MERGER CLOSES
 PITTSBURGH, July 24 /PRNewswire/ -- PNC Financial Corp (NYSE: PNC) said today its acquisition of The First National Pennsylvania Corporation (NASDAQ: FNPC) closed yesterday and The First National Bank of Pennsylvania was merged into PNC's Marine Bank, based in Erie, Pa.
 Stockholders of The First National Pennsylvania Corporation received 0.81 shares of PNC common stock for each share of First National Pennsylvania stock, under the terms of the transaction.
 Pursuant to a divestiture plan approved by regulators, First National Bank of Mercer County, an affiliate of F.N.B. Corporation (NASDAQ: FBAN), Hermitage, Pa., acquired at the closing 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 Aug. 21.
 Thomas H. O'Brien, chairman and chief executive officer of PNC, said, "With the acquisition of The First National Pennsylvania Corporation, PNC has enhanced its leadership in the northwestern Pennsylvania market, consistent with our acquisition strategy."
 Edward P. Junker, III, vice chairman of PNC and chairman and chief executive officer of Marine Bank, said, "We're delighted to welcome the customers of The First National Bank of Pennsylvania to the expanded banking services and products that a banking industry leader like PNC can offer."
 The assets of Marine Bank following the merger are approximately $3 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 13th-largest bank holding company, with assets of $45.5 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.
 /delval/
 -0- 7/24/92
 /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/
 (PNC FNPC FBAN) CO: PNC Financial Corp; The First National Pennsylvania Corporation ST: Pennsylvania IN: FIN SU: TNM


CD -- PG002 -- 2902 07/24/92 08:32 EDT
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Publication:PR Newswire
Date:Jul 24, 1992
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