MONROEVILLE, Pa. - Parkvale Financial Corp., the $1.4 billion-asset parent of Parkvale Bank, has agreed to acquire the Second National Bank of Masontown for approximately $36.8 million.
Second National, which has $196 million of assets and five branches in Fayette County, Pa., would expand Parkvale's reach into southwestern Pennsylvania, where it has 33 branches.
The sale price is equal to $92 per share, or about 1.5 times book value. The deal is scheduled to close in the first quarter of 2002.
Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
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The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
