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PNC COMPLETES ACQUISITION OF FLAGSHIP FINANCIAL

 PITTSBURGH, Nov. 20 ~PRNewswire~ -- PNC Financial Corp (NYSE: PNC) said today that its acquisition of Flagship Financial Corp. (NASDAQ-NMS: FLGF) and the merger of Flagship's two thrift subsidiaries, First American Savings, F.A., and Brandywine Savings Bank PaSA, into PNC's Provident National Bank will be effective at the close of business today.
 Under terms of the merger agreement, Flagship shareholders will receive $13.05 cash per common share. There are approximately 3.5 million Flagship common shares outstanding.
 Thomas H. O'Brien, chairman and chief executive officer of PNC, said, "This in-market acquisition expands our presence in PNC's largest market, the Delaware Valley. Customers of Brandywine and First American Savings will benefit from the array of financial products and services offered by a nearly $50-billion institution."
 The transaction adds approximately $673 million in deposits and $812 million in assets to PNC.
 PNC Financial Corp, headquartered in Pittsburgh, is the nation's 13th-largest bank holding company, with assets of $46.6 billion at Sept. 30, 1992. It operates approximately 550 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.; CCNB Bank, N.A., Camp Hill, Pa.; Hershey Bank, Hershey, Pa.; and The First Bank and Trust Company, Mechanicsburg, Pa.
 ~delval~
 -0- 11~20~92
 ~CONTACT: media, Jonathan Williams, 412-762-4550, or at home, 412-257-3257, or investors, William H. Callihan, 412-762-8257, both of PNC Financial~
 (PNC FLGF)


CO: PNC Financial Corp; Flagship Financial Corp. ST: Pennsylvania IN: FIN SU: TNM

DM -- PG004 -- 3377 11~20~92 12:41 EST
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Publication:PR Newswire
Date:Nov 20, 1992
Words:293
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