Search
 

PNC To Take Sterling Financial for $565M

PITTSBURGH-This follows PNC's June agreement to buy Yardville for $403 million and its first-quarter $2.1-billion cash payment for Mercantile Bankshares.

By Marita Thomas | Updated on July 19, 2007

PITTSBURGH-In its third significant expansion this year, PNC Financial Services Group Inc. has agreed to acquire Lancaster, PA-based Sterling Financial Corp. for approximately $565 million, which includes approximately $224 million in cash and 4.5 million shares of PNC stock. This will add 67 branches in Pennsylvania, Maryland and Delaware to PNC’s realm and is expected to give it the majority share of deposits in its Central Pennsylvania footprint.

The agreement to buy Sterling follows PNC’s June 8 agreement to pay approximately $403 million for the 33-branch Hamilton, NJ-based Yardville National Bancorp. Earlier this year, PNC closed on the acquisition of Baltimore-based Mercantile Bankshares Corp. for $2.1 billion in cash and shares of PNC stock valued at approximately $3.9 billion. That added 240 branches for PNC.

The Yardville buy is expected to close this fourth quarter, followed by the close of the Sterling deal in the first quarter of 2008. As with the Mercantile acquisition, Yardville’s and Sterling’s operations will be integrated with PNC and all branches will carry the PNC flag. With the close of both deals, that flag will adorn approximately 1,177 branches.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.