In Brief: Pittsburgh-Area Thrifts In $24M Merger Deal

Pennfirst Bancorp near Pittsburgh has agreed to buy $92.2 million-asset Troy Hill Bancorp for nearly $24 million in cash and stock.

The agreement would enhance $697 million-asset Pennfirst's presence in Allegheny County and add two branches. Troy Hill Bancorp, also based near Pittsburgh, would operate as a separate subsidiary of Pennfirst for at least a year. A Troy Hill board member would join the Pennfirst board.

The transaction, subject to shareholder and regulatory approval, is expected to close in the first quarter. Pennfirst, parent of ESB Bank, would have $790 million in assets and $62 million in equity, with 11 branches in four counties.

Pennfirst would pay cash for 40% of the shares.

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