PITTSBURGH -- PNC Bank Corp. said it completed its $330 million acquisition of First Eastern Corp. on Friday. The deal was announced in July of last year.
PNC, the 11th-largest bank in the country, captured $2 billion in assets and $1.8 billion in deposits by acquiring the Wilkes-Barre, Pa.-based First Eastern. PNC also acquired 49 branches, increasing its market share to 88 branches in an 11 county region in northeastern Pennsylvania.
Holders of First Eastern common stock will receive $27 per share in cash.
