First National Bank Acquires 17 Branches and $383M in Deposits from Fifth Third Bank

First National Bank of Pennsylvania, the largest subsidiary of F.N.B. Corporation

, entered into a purchase and assumption agreement to acquire approximately $383 million in retail and private banking deposits, 17 branch banking locations and related consumer loans in the Pittsburgh MSA from Fifth Third Bank. The transaction will be additive to FNB's retail delivery channel, creating access to over 100 branches in the Company's Pittsburgh region, and is expected to close in early 2016, subject to regulatory review and approval. "We are excited to announce a transaction that enhances our comprehensive retail delivery channel and improves efficiency within FNB's largest region," said Vincent J. Delie, Jr., President and Chief Executive Officer of F.N.B. Corporation. "Additionally, the low-cost core deposits will strengthen FNB's ability to pursue organic growth opportunities." Customers of the acquired branches will receive information regarding the transfer of their accounts in the next few months. "Our experienced integration teams and Pittsburgh-based management group will lead customers through a smooth and timely transition," said Delie. "We believe our new and existing customers will benefit by being part of one the largest retail banks in Pittsburgh and will be very pleased with our comprehensive suite of retail and commercial products including top-tier online and mobile banking services." FNB, headquartered in Pittsburgh, was also recently named a top place to work for a fifth consecutive year by two separate Pittsburgh publications. RBC Capital Markets acted as exclusive financial advisor and Reed Smith LLP served as legal counsel to First National Bank of Pennsylvania. Deutsche Bank Securities acted as exclusive financial advisor and Debevoise & Plimpton LLP served as legal counsel to Fifth Third Bank.