F.N.B. Corp. of Hermitage, Pa., announced Monday that it would buy Erie County's second-oldest community bank, the $69 million-asset National Bank of North East.
The purchase would spare F.N.B the hassle and expense of building more branches in the county, where it has eight, said Steven J. Gurgovits, its president and chief executive officer, in a news release.
The 97-year-old National Bank of North East, based in the community of that name, operates four branches, in the eastern part of the county. The $5.6 billion-asset FNB is to pay $15.5 million in stock, about 2.3 times book value, for the holding company, North East Bancshares Inc. The deal is expected to close in the fourth quarter.
F.N.B has recently been an active acquirer of Pennsylvania banks. In October it bought the $330 million-asset Slippery Rock Financial Corp.; in February it announced an agreement to buy the $386 million-asset NSD Bancorp Inc. of Pittsburgh.
