PNC Financial Sells 4 Ohio Units to Banc One
PNC Financial Corp. said it completed the sale of four Ohio bank affiliates of its Central Bancorp unit to Banc One Corp. Pittsburgh-based PNC said it will realize a $50 million after-tax gain in the third quarter because of the sale.
The four banks, which operate under the name the Central Trust Co., are in Canton, Lorain, Marietta, and Newark. They have combined assets of about $2 billion.
The sale, according to a PNC spokesman, reflects a strategy to sell assets in fringe markets and focus on key markets in Pennsylvania.