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FNB set to buy Cleveland bank
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FNB Corp., the third biggest retail bank in the Pittsburgh region by deposits, said this morning it was expanding its presence in Cleveland, Ohio, with an agreement to buy Park View Federal Savings Bank in an all stock transaction valued at about $3.98 per share, or $106.4 million.
The acquisition of the Solon, Ohio-based bank, which is expected to close in the third quarter, will give Hermitage-based FNB another 16 offices, $634 million in deposits and $782 million in assets in the Cleveland metro area. FNB currently has three offices and deposits of about $60 million in that region, according to Federal Deposit Insurance Corp. figures.
"With the addition of Park View, we believe we have significantly enhanced our ability to pursue commercial and consumer prospects in the greater Cleveland market," FNB CEO Vincent J. Delie Jr. said in a statement.
Park View has 1.2 percent of deposits in the Cleveland area for a No. 14 market share. KeyBank is No. 1 followed by PNC Bank.
First Published February 19, 2013 10:18 am
