FNB Corp., parent of First National Bank of Pennsylvania, is continuing to expand into new markets, with the announcement this morning that the Hermitage-based bank will acquire a Baltimore bank for about $79 million.
The purchase of BCSB Bancorp Inc., parent of Baltimore County Savings Bank, in an all-stock transaction will give FNB a stronger presence in the Baltimore metro area.
BCSB brings $560 million in total deposits, $320 million in loans and 16 banking offices, according to the official announcement.
The deal will bring FNB's presence in the Maryland market to just under $1 billion in pro-forma deposits and 24 branch locations. Earlier this year, it closed on the acquisition of Annapolis Bancorp in Annapolis, Md., another all-stock transaction that included eight BankAnnapolis offices.
FNB's other recent acquisitions include the purchase of Park View Federal Savings Bank in Solon, Ohio, and of Monroeville-based Parkvale Financial.
The BCSB Bancorp deal is expected to close in the first quarter of 2014 after receiving approvals from shareholders and regulators.
Teresa F. Lindeman: firstname.lastname@example.org or 412-263-2018.