HERMITAGE, Pa. -- First National Bank of Pennsylvania would nearly triple the size of its branch network with the planned addition of a Johnstown, Pa., bank.
First National's parent company, F.N.B. Corp., said it has signed an agreement to acquire Promistar Financial Corp., which operates Promistar Bank.
Promistar operates 72 branches in 12 counties and is to add 10 more with its planned acquisition of First National Bank of Herminie in Herminie, Pa. These branches will operate as First National Bank of Pennsylvania branches when the deal is completed, which is expected in the first quarter of next year, although eight branches will be closed. Promistar has assets of $2.4 billion.
Hermitage-based First National operates 43 branches in western Pennsylvania.
F.N.B., which recently moved its offices to Naples, Fla., is to exchange 0.926 shares of its common stock for each share Promistar common stock. Based on F.N.B.'s Wednesday closing price of $26.74 a share, the transaction is valued at about $427 million.
F.N.B. will become the eighth-largest bank holding company operating in Pennsylvania and the 65th largest in the United States. It has assets of $4.1 billion.