Mellon Bank Corp. has a deal to sell three Pennsylvania branches to a community bank for an undisclosed price.
Northwest Savings Bank in Warren, Pa., would buy the branches and about $58 million of deposits. Pittsburgh-based Mellon, which has $50 billion of assets, would retain the loans serviced by the three offices.
Northwest, a 103-year-old thrift, has $2.8 billion of assets and 80 branches in 22 counties in central and western Pennsylvania. Its parent, Northwest Bancorp, also owns Jamestown Savings Bank, a $69 million-asset thrift with three branches in New York State.
The cash deal is expected to be completed during the second quarter.