First Commonwealth Financial Corp.’s banking subsidiary, First Commonwealth Bank, has received regulatory approval for its pending acquisition of 14 branches from Santander Bank, N.A. The acquisition, announced in April, is expected to add approximately $525 million of deposits and $120 million of retail and business loans.
The Federal Deposit Insurance Corp. and the Pennsylvania Department of Banking and Securities have approved the transaction, which is expected to be completed by Sept. 9, 2019.
The 14 branches are State College, Lock Haven, Williamsport and Lewisburg, which will help expand First Commonwealth’s Pennsylvania footprint by adding approximately 22,000 retail and small business customers.
Indiana-based First Commonwealth Financial is a financial services company with 135 community banking offices in 22 counties throughout western and central Pennsylvania and Ohio, as well as corporate banking centers in Pittsburgh, Cleveland and Columbus. The company also operates mortgage offices in Wexford, Pennsylvania, as well as Hudson and Dublin, Ohio.
