F.N.B. to Cut 57 Jobs After It Buys PVF Capital

F.N.B. Corp. (FNB) will cut 57 jobs at PVF Capital (PVFC) in October after it buys the Solon, Ohio, thrift company.

The $11.8 billion-asset F.N.B. notified the state of Ohio about the layoffs on Aug. 7, the Cleveland Plain Dealer reported on Friday. The layoffs equal roughly a third of PVF’s work force, the report said.

PVF’s shareholders are set to meet on Sept. 25 to vote on the $765 million-asset company’s sale. Regulators have already approved the agreement.

F.N.B. agreed to pay $106 million for PVF Capital, giving the Hermitage, Pa., company its first entry into the Cleveland market. F.N.B. said last month that it plans to open a regional headquarters in downtown Cleveland.