PITTSBURGH - Integra Financial Corp. of Pittsburgh said Friday that it had signed a letter of intent to relocate its operations department and mortgage company to a former Sears store in the Allegheny Center Mall.

Integra officials said they would take out a 15-year lease with Allegheny Center Associates, and make $5 million of capital investments in renovations and improvements.

Move Draws Local Praise

The move by Integra, which has $10.5 billion in assets and would add about $3 billion more with it pending takeover of Pittsburgh-based Equimark Corp., was hailed by local officials. Pittsburgh Mayor Sophie Masloff praised the company for "making an investment in people" and relocating 500 employees to the city's North Side.

About 300 workers are scheduled from Integra's current downtown operations center by mid-1993.

Some 150 to 200 in Integra Mortgage Co., which will combine the mortgage businesses of Integra, Equimark, and the recently acquired Landmark Savings Association, will move to the former Sears site. The bank will have 200,000 square feet on three floors.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.