PNC Bank Corp. said it will buy 84 southern and central New Jersey branches of Chemical Banking Corp. for $504 million.

The purchase of the $3.4 billion-asset banking unit for two times tangible book value moves Pittsburgh-based PNC into the New Jersey retail market for the first time.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.