Fifth Third Bank has entered into an agreement to sell 17 branch banking
locations, the retail accounts, certain private banking deposits and
related loan relationships in the Pittsburgh MSA to First National Bank
of Pennsylvania. The purpose of this transaction is in line with Fifth
Third’s broader branch consolidation plans announced in June. The
transaction is expected to close in early 2016, subject to regulatory
review and approval.
Fifth Third 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.
Deutsche Bank Securities acted as exclusive financial advisor and
Debevoise & Plimpton LLP served as legal counsel to Fifth Third Bank.
RBC Capital Markets acted as exclusive financial advisor and Reed Smith
LLP served as legal counsel to First National Bank of Pennsylvania.
About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB),
headquartered in Pittsburgh, Pennsylvania, is a diversified financial
services company operating in six states, including three major
metropolitan areas. It holds a top retail deposit market share in
Pittsburgh, PA, Baltimore, MD, and Cleveland, OH. F.N.B. has total
pro-forma assets (with the proposed merger of Metro Bancorp, Inc.) of
$19.6 billion and more than 300 banking offices throughout Pennsylvania,
Maryland, Ohio and West Virginia. F.N.B. provides a full range of
commercial banking, consumer banking and wealth management solutions
through its subsidiary network, which is led by its largest affiliate,
First National Bank of Pennsylvania, founded in 1864. Commercial banking
solutions include corporate banking, small business banking, investment
real estate financing, international banking, business credit, capital
markets and lease financing. The consumer banking segment provides a
full line of consumer banking products and services including deposit
products, mortgage lending, consumer lending and a complete suite of
mobile and online banking services. F.N.B.’s wealth management services
include asset management, private banking and insurance. F.N.B. also
operates Regency Finance Company, which has more than 70 consumer
finance offices in Pennsylvania, Ohio, Kentucky and Tennessee. The
common stock of F.N.B. Corporation trades on the New York Stock Exchange
under the symbol “FNB” and is included in Standard & Poor’s SmallCap 600
Index with the Global Industry Classification Standard (GICS) Regional
Banks Sub-Industry Index. Customers, shareholders and investors can
learn more about this regional financial institution by visiting the
F.N.B. Corporation web site at www.fnbcorporation.com.
About Fifth Third Bancorp
Fifth Third Bancorp is a
diversified financial services company headquartered in Cincinnati,
Ohio. The Company has $142 billion in assets and operates 1,299
full-service Banking Centers, including 101 Bank Mart®
locations, most open seven days a week, inside select grocery stores and
2,630 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North
Carolina. Fifth Third operates four main businesses: Commercial Banking,
Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third
also has a 22.8 percent interest in Vantiv Holding, LLC. Fifth Third is
among the largest money managers in the Midwest and, as of June 30,
2015, had $304 billion in assets under care, of which it managed $27
billion for individuals, corporations and not-for-profit organizations.
Investor information and press releases can be viewed at www.53.com.
Fifth Third’s common stock is traded on the Nasdaq® Global
Select Market under the symbol "FITB." Fifth Third Bank was established
in 1858. Member FDIC.
Copyright © 2015 Fifth Third Bank, Member FDIC, Equal Housing Lender,
All Rights Reserved
Fifth Third Bancorp
Investors
Jim Eglseder, 513-534-8424
or
Media
Laura Trujillo, 513-534-4361