PENNSYLVANIA Former NorthSide Bank branches to reopen as First National Bank
PITTSBURGH, Pa. -- When the 11 branches of the former NorthSide Bank open for business Tuesday, customers might notice a few changes.
In addition to cookies and coffee being served in the lobbies, new signs sporting the First National Bank of Pennsylvania logo will be prominent, and many customers will be using recently issued First National Bank checks, and/or carrying First National Bank ATM and Debit cards.
Otherwise, little else will have changed since the merger was completed between NSD Bancorp and F.N.B. Corporation (NYSE: FNB) -- parent companies of NorthSide Bank and First National Bank.
"The idea was to find a strong partner that shares NorthSide's ideals and standards of service, and is large enough to offer customers a wider array of financial services," said Andy Hasley, former NSD president who is now president and CEO of the newly created Pittsburgh Region of First National Bank.
Trust, insurance and wealth management are now available, and customers can now bank at more than 140 First National Bank offices in western Pennsylvania and eastern Ohio.
Former NSD Bancorp shareholders will benefit from the merger as well. The stock of F.N.B. Corporation -- First National's parent company -- trades on the New York Stock Exchange under the symbol FNB.
The corporation has consistently increased its dividend every year for more than 30 consecutive years and, as a matter of policy, pays out 65-70 percent of its profits in dividends. This meant an annual dividend yield of 4.5 percent in 2004.
The intent to merge was announced in October. The merger is a tax-free 100 percent stock deal with a fixed exchange ratio of 1.8 F.N.B. Corp. shares for each share of NSD Bancorp. The merger increases F.N.B.'s asset size to $5.5 billion.