PITTSBURGH -- PNC Financial Corp. said it had received the necessary regulatory approvals to acquire First National Pennsylvania Corp. of Erie.
First National Bank of Pennsylvania is to be merged into PNC's Marine Bank of Erie, which will have $2.5 billion in assets and 57 branches, including 10 from First National. Thirteen other locations are to be sold to F.N.B. Corp. of Hermitage, Pa.
Under the merger agreement, each share of First National Pennsylvania's stock will be exchanged for 0.81 share of PNC common. The companies said they expect to close the transaction on July 24.