FNB Corp. of Pittsburgh, the parent company of First National Bank of Pennsylvania, is buying five branch locations in Pennsylvania from Bank of America, including two Berks County branches.
“We are pleased to enhance our retail delivery channel in central Pennsylvania,” said Vincent J. Delie Jr., president and CEO of FNB Corp. “In addition to acquiring deposits to support our growth needs, these branches will be additive to our 220 locations across the state and will enable our regionally based product specialists in wealth, insurance and banking to compete more effectively in these counties.”
According to the Central Penn Business Journal, the transaction essentially eliminates Bank of America’s presence in mid-state.
The transaction is expected to close during the third quarter of 2015, subject to regulatory review and approval.
The locations in Berks are in the Berkshire Mall in Wyomissing and in Madeira Plaza on the Fifth Street Highway in Reading. FNB said it intends to retain all employees at the locations.
The other branches are in Lancaster and Chester counties.
Customers of the acquired branches will receive information regarding the transfer of their accounts in the next few months.