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CEO Tells F.N.B.’s Role in Mercer County’s Growth
HERMITAGE, Pa. -- F.N.B. Corp., parent of First National Bank of Pennsylvania and long a provider of funds that allow businesses in Mercer County to get started and grow, has achieved more growth in the county than most residents realize.
Often overlooked in the coverage of F.N.B. entering Pittsburgh, Maryland and Cleveland is its growth in Mercer County, the president and CEO, Vincent J. Delie Jr., suggested Thursday at the Penn-Northwest Development Corp. annual meeting.
Delie kept his remarks short in recapping the history of the financial services provider that dates to the administration of Abraham Lincoln when First National Bank of West Greenville received one of the first national charters.
It’s believed Lincoln signed the charter but no one knows what became of the document, Delie said.
In the last five years, F.N.B. has grown 107% in total assets to more than $14 billion pro forma, that is, once the pending acquisitions are completed, the CEO related, and today it ranks as the 45th largest bank holding company in the United States.
Its market capitalization, $1.8 billion, should soon surpass $2 billion, removing it from the ranks of small-cap companies. Along the way, the most regulators will allow First National Bank to extend to one customer has grown to $40 million and he expects that lid to one day reach $50 million.
Loan growth has been $1 billion a year and last year saw record production of consumer and commercial loans.
In the meantime, F.N.B. will continue to focus on shareholder value and work to ensure the acquisitions contribute to the organic growth of the company, Delie said.
As measured by assets, First National Bank ranks third in Pittsburgh and is aiming to be 10th in the Baltimore market in a year. This growth has benefited Mercer County, Delie said, Hermitage in particular, as the number of employees here has risen 62% since 2007 and 50% across Pennsylvania.
Last year, these employees volunteered in their communities, donating 12,000 volunteer-hours. The corporation contributed $1.5 million to nonprofits.
Copyright 2013 The Business Journal, Youngstown, Ohio.
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