First National Bank Buys 17 Branches, $383 Mln In Deposits From Fifth Third Bank

(RTTNews) - First National Bank of Pennsylvania, a subsidiary of F.N.B. Corp. (FNB), entered into a purchase and assumption agreement to acquire approximately $383 million in retail and private banking deposits, 17 branch banking locations and related consumer loans in the Pittsburgh MSA from Fifth Third Bank.

The transaction will be additive to FNB's retail delivery channel, creating access to over 100 branches in the Company's Pittsburgh region, and is expected to close in early 2016, subject to regulatory review and approval.

Customers of the acquired branches will receive information regarding the transfer of their accounts in the next few months.

Separately, Fifth Third said that it remains committed to its commercial coverage in Pittsburgh, as well as its wealth management, institutional services and mortgage origination activities in the market after the completion of the sale. Fifth Third operates commercial banking activities in a number of markets where it does not have a retail branch network.