First Commonwealth to acquire 14 Santander Bank branches |
Business Briefs

First Commonwealth to acquire 14 Santander Bank branches

Stephen Huba

Indiana-based First Commonwealth Bank announced it is buying 14 branches of Santander Bank in central Pennsylvania.

First Commonwealth, which also has been in growth mode in Ohio, last week applied to the Pennsylvania Department of Banking and Securities for approval to purchase assets and assume liabilities for the branches located in State College, Lock Haven, Williamsport and Lewisburg.

Those branches comprised approximately $525 million of deposits and $120 million of retail and business loans as of March 31.

The acquisition provides First Commonwealth with the opportunity to expand its Pennsylvania footprint by adding approximately 22,000 retail and small business households, according to parent company First Commonwealth Financial Corp.

“The contiguous expansion of our footprint into these new towns, which have complementary demographics and culture to our core Western Pennsylvania markets, makes perfect sense for us. These branches have a long history as community bank branches. We look forward to improving the financial lives of our new neighbors and businesses in these communities,” First Commonwealth CEO T. Michael Price said.

The transaction is subject to regulatory approval and is expected to close in the third quarter of 2019.

Santander Bank, North America, is based in Boston. It has more than 600 branches and 2.1 million customers in eight states across the Northeast. Parent company Banco Santander, headquartered in Madrid, Spain, bought Boston-based Sovereign Bank in 2009.

Stephen Huba is a Tribune-Review staff writer. You can contact Stephen at 724-850-1280, [email protected] or via Twitter .

TribLIVE commenting policy

You are solely responsible for your comments and by using you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.