PNC Set to Acquire Bank in Pennsylvania
PITTSBURGH -- PNC Financial Corp. said it has agreed to acquire Producers Bank of Bradford, Pa., and merge it into PNC's Marine Bank of Erie.
PNC agreed with Producers' parent, Pro Group Inc., to exchange three PNC common shares for each of the 49,318 outstanding shares of Pro Group. Producers Bank has $65 million in assets.
Marine Bank has $1.9 billion in assets, about 4% of PNC's $44 billion total. After the merger, Marine will have 49 offices of the 325 operated by PNC subsidiaries in Pennsylvania.