PITTSBURGH -- PNC Bank Corp. said it reached a definitive agreement to acquire Indian River Federal Savings Bank of Vero Beach, Fla., for about $11.8 million, or $18.25 a share, in cash.

Indian River, with assets of $74 million and deposits of $ 57 million, would be combined with the PNC trust operation, which has offices in Vero Beach and Tampa.

Thomas H. O'Brien, PNCs chairman and chief executive officer, said the acquisition "will support our strategy of expanding our delivery system for investment management and trust services in Florida."

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