F.N.B. Corp. (FNB) has moved its corporate headquarters to Pittsburgh.
The $14.3 billion-asset company said in a press release Wednesday that it is moving from Hermitage, Pa., a city of 16,000 located about 70 miles north of Pittsburgh. Business growth in Pittsburgh, the company's largest market, and proximity to a larger pool of employees drove the move, F.N.B. said.
The move "is a logical progression in our evolution as a regional financial services organization," Vincent Delie Jr., the company's president and chief executive, said in the release. "Pittsburgh currently serves as the headquarters of our wealth and insurance lines of business, and its close proximity to Hermitage permits us to recruit effectively for both locations."
F.N.B has expanded its Pittsburgh campus in recent years to include executive offices, as well as marketing, commercial banking and capital markets units. The company will maintain operations and support divisions at its Hermitage location. It will also keep its Greenville, Pa., bank charter.
F.N.B. has made headlines in recent years for its aggressive acquisition strategy. The company last year opened an office in Baltimore to oversee its operations in Maryland, where it has agreed to buy the $390-million asset OBA Financial Services in Germantown and it has acquired the $437 million-asset Annapolis Bancorp.
F.N.B. also bought the $1.8 billion-asset Parkvale Financial Corp. in Monroeville, Pa., in 2011.
F.N.B. is the parent company of First National Bank of Pennsylvania and Regency Finance Co. The company has more than 280 bank branches and 70 consumer finance offices in Pennsylvania, Ohio, Maryland, West Virginia, Kentucky and Tennessee.