PNC Buys an RTC Thrift For Its Kentucky Affiliate
PITTSBURGH - PNC Financial Corp. said it increased the retail deposits of its Kentucky affiliate, Citizens Fidelity Bank and Trust Co. of Louisville, by $300 million through the purchase last week of Future Federal Savings Bank of Louisville.
Pittsburgh-based PNC bought the deposits and a smaller amount of assets from the Resolution Trust Corp. Citizens Fidelity was the largest Kentucky commercial bank ranked by deposits at yearend 1990, with $3.8 billion.
Ten Future Federal offices were reopened as Citizens Fidelity branches, but PNC said some would soon be consolidated into other branches of the bank.
The PNC unit did not acquire western Kentucky operations of Future Federal in Glasgow and Tompkinsville, which were taken over by Trans Financial Bank of Bowling Green.
Similar Bay State Deal
Future Federal had $435 million in assets at March 31.
In another transaction of similar size last week, the Federal Deposit Insurance Corp. negotiated the purchase of Lowell Institution for Savings by Family Bank, a subsidiary of Family Bancorp. of Haverhill.
The transfer was made after the Massachusetts banking department closed the Lowell, Mass., bank, which had $386 million in deposits.
Family Bank acquired $265 million in deposits at eight Lowell Institution for Savings offices.
The acquirer said there would be no interruption of service for Lowell customers, but Family Bank customers will not be able Bank customers will not be able to use the Lowell facilities until their data processing system is converted to Family Bank's in early 1992.
Family Bancorp, with about $500 million in assets, is also the parent of Family Savings Bank of New Hampshire, Seabrook.