PITTSBURGH -- PNC Financial Corp. said it had completed its acquisition of First National Pennsylvania Corp.
PNC's Marine Bank of Erie, Pa., absorbed the principal subsidiary, First National Bank of Pennsylvania. The deal raised Marine's assets to $3 billion and its number of offices to 57.
Each 100 shares of First National Pennsylvania common stock was exchanged for 81 shares of PNC common.
Pittsburgh-based PNC reported $45.5 billion in assets on June 30. First National had about $700 million in assets at the end of 1991. It agreed to sell 13 branches to FNB Corp. of Hermitage, Pa., under a divestiture plan approved by regulators.