PITTSBURGH -- The merger of two bank holding companies was announced Monday by Pittsburgh National Corp. of Pittsburgh and Provident National Corp. of Philadelphia.
PNC, which owns Pittsburgh National Bank, and Provident, which owns Provident National Bank, said the firms will merge into a new financial insitution known as PNC Corp.
The new firm will be based in Pittsburgh and have assets of more than $10 billion. Pittsburgh National Corp. Chairman Merle E. Gilliand will be chairman of the company, with Provident's Chairman Roger S. Hillas acting as the new entity's president.
Each operating bank unit will retain its name, identity, board of directors and officers. 'The combination will be strictly at the holding company level,' the firms said.
PNB is Pennsylvania's second largest bank and ranks 31st in the nation with assets of $6.9 billion. Provident, the state's seventh largest bank and 82nd in the country, has $3.3 billion in assets.
The merger has to be approved by boards of directors and shareholders of each company as well as by regulatory authorities.
The agreement marked the second involving Pennsylvania banking companies within the last week following a new state banking law's passage.
Pittsburgh's Union National Corp., parent of Union National Bank, last week announced the acquisition of Keystone National Bank of Punxsutawney, Jefferson County.