PITTSBURGH -- PNC Financial Corp. said it has completed its acquisition of Flagship Financial Corp.

PNC merged Flagship's two thrift subsidiaries, First American Savings and Brandywine Savings Bank, into Provident National Bank of Philadelphia at the close of business Friday.

Under terms of the merger agreement, Flagship shareholders were to receive $13.05 in cash for each of the 3.5 million common shares outstanding, for a total consideration of about $45.7 million.

The transaction adds approximately $673 million in deposits and $812 million in assets to PNC, which had $46.6 billion in assets and 550 banking offices in five states as of Sept. 30.

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