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PNC To Acquire Yardville Bank for $403M

PITTSBURGH-The acquisition would add 33 YNB branches to PNC's current 1,077 and expand PNC's presence in three of New Jersey's wealthiest counties.

By Marita Thomas | Updated on June 07, 2007

PITTSBURGH-Locally based PNC Financial Services Group Inc. has signed a definitive agreement to acquire Yardville National Bancorp, a 33-branch commercial and consumer bank based in Hamilton, NJ. The price is approximately $403 million, or $35 per share of YNB stock.

This agreement follows the close of PNC’s first-quarter acquisition of Baltimore-based Mercantile Bankshares Corp. for more than $2.1 billion, which grew PNC’s footprint by 240 branches. The YNB acquisition “is consistent with our strategy of expanding PNC’s distribution in the rapidly growing and affluent Middle Atlantic region,” says Joseph Guyaux, PNC’s president, in a statement. He estimates a 15% internal rate of return from the transaction.

YNB has $2 billion in deposits and its branches are in central New Jersey and eastern Pennsylvania. They will be merged into PNC, and PNC expects the acquisition to give it the largest deposit share in the wealthy New Jersey counties of Mercer, Hunterdon and Somerset.

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