FNB to consolidate 20 branches, sell consumer finance subsidiary
F.N.B. Corp. plans to sell its consumer finance subsidiary, Regency Finance Co. and consolidate up to 20 branches of its retail banking subsidiary, First National Bank of Pennsylvania.
The bank has agreed to sell all issued and outstanding capital stock of Regency Finance to Maryland-based Mariner Finance LLC. Regency operates 77 branches in Pennsylvania, Ohio, Kentucky and Tennessee with assets of $170 million as of March 31, 2018.
FNB said the consolidation of 20 bank locations will "increase efficiency and improve growth prospects for the Bank as customer preferences for mobile and other technology-based services evolve." The plan has been in place for several years, according to a news release issued by the company last week.
The plan includes opening new locations in areas identified for their potential, according to the release. But the company did not disclose which branches it plans to consolidate.
The sale of Regency Finance is expected to close during the second half of this year, subject to receipt of regulatory approvals and other customary closing conditions.
Headquartered in Pittsburgh, F.N.B. has assets of $32 billion, and more than 400 offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina and South Carolina.