PITTSBURGH -- PNC Financial Corp. said Friday that it completed the acquisition of CCNB Corp. of Camp Hill, Pa.
CCNB adds $1.2 billion in assets to Pittsburgh-based PNC's $46.6 billion, and CCNB's 42 banking offices in south-central Pennsylvania bring PNC to about 550 in five states.
Under the merger agreement announced last December, CCNB shareholders were to receive 0.66 share of PNC common stock for each CCNB outstanding share.
After a two-for-one split of PNC's stock, the share-exchange ratio will rise to 1.32 to 1. The price for CCNB's 6 million shares will be about $207 million at PNC's current value.
In connection with the transaction, CCNB merged its Gettysburg National Bank and Parent Federal Savings Bank into CCNB Bank.