First Commonwealth Financial Corporation announced that it is acquiring 14 Santander Bank branches in central Pennsylvania, including the two locations in State College.
The transaction is subject to regulatory approval and is expected to close in the third quarter of 2019, according to a news release.
First Commonwealth is based in Indiana, Pa., and has primarily served western Pennsylvania and Ohio.
“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,’ said T. Michael Price, CEO of First Commonwealth. ‘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,” said T. Michael Price, Chief Executive Officer of First Commonwealth.’
In State College, the two Santander Bank branches are located 216 W. College Ave. and 1535 N. Atherton St. First Commonwealth also will acquire Santander branches in Lock Haven, Williamsport, South Williamsport, Lewisburg, Danville, Montoursville, Beech Creek, Jersey Shore, Milton, Muncy and Renovo.
First Commonwealth, which currently has nearly 140 bank branches, will be acquiring $525 million of deposits and $120 million of retail and business loans and adding approximately 22,000 retail and small business households.
Santander, formerly Sovereign Bank, is based in Boston and is a subsidiary of the Spanish Santander Group. After the sale, Santander will continue to operate 129 branches in eastern Pennsylvania. The bank has about 600 branches nationally.
‘Santander is proud to have served these communities in central Pennsylvania for more than a decade,’ said Michael Cleary, co-president of Santander Bank and head of consumer and business banking. ‘We are pleased to reach this agreement with First Commonwealth – a mission-driven community bank that shares our values of providing excellent service to our customers and a great work environment for our team members. We look forward to working with them to provide a seamless transition and service experience for our customers, employees and the community.’
