Fifth Third Bancorp agreed to sell 17 branches and about $383 million in deposits in the Pittsburgh area to First National Bank of Pennsylvania.
The deal will give First National more than 100 branches in the region and is expected to be completed in early 2016, Pittsburgh-based First National said Thursday in a statement that didn’t disclose terms.
The sale is in line with Fifth Third’s branch consolidation plans announced in June, the Cincinnati-based lender said in a separate statement.
RBC Capital Markets was financial adviser and Reed Smith LLP served as legal counsel to First National, while Deutsche Bank Securities advised Fifth Third and Debevoise & Plimpton LLP served as legal counsel, according to the statements.
Link to Statement:Link