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"F.N.B., Slippery Rock Merger to Close Oct. 8"
"HERMITAGE, Pa. -- The merger of F.N.B. Corp. with Slippery Rock Financial Corp. will be completed as of the close of business on Oct. 8, F.N.B. officials reported yesterday. At that time, Slippery Rock Financial Corp. will be dissolved, and its assets will become part of First National Bank of Pennsylvania, the lead subsidiary of F.N.B. Corp."This is the final step in what has been a very smooth transition," said Stephen J. Gurgovits, F.N.B. president and chief executive officer. "All branches, staff, and technology are in place to assure no disruptions in service to customers of The First National Bank of Slippery Rock.The First National Bank of Slippery Rock branch in the Slippery Rock Giant Eagle closed Oct. 1, and the branch in Grove City, Pa., will close effective Oct. 9. Both locations are within close proximity of an existing First National Bank facility. All other branches of The First National Bank of Slippery Rock will remain open as branches of First National Bank of Pennsylvania."As with any merger, economies of scale are important and that means reductions in staff where overlaps occur," Gurgovits continued. "However, the geographic location of the Slippery Rock facilities near F.N.B. Corp. facilities has enabled us to offer employment within the F.N.B. organization for many who might have otherwise been negatively impacted.""The only differences customers will notice are new signs and a wider array of services from which to choose," commented Gary Roberts, president and chief executive officer of First National Bank. "On Oct. 12, the first business day after completion of the merger, customers of First National Bank of Slippery Rock will be able to conduct their business at any of the 130 First National Bank locations and ATMs in western Pennsylvania and northeastern Ohio."A definitive agreement to merge was announced in May, and the merger was approved overwhelmingly by shareholders of Slippery Rock Financial at a special meeting on Sept. 9. In fulfillment of the agreement, two Slippery Rock Financial Corporation Directors were elected to the Board of First National Bank of Pennsylvania on September 15, 2004. F.N.B. Corporation has obtained all regulatory approvals needed to complete the merger.F.N.B. Corp. has total assets of $4.8 billion. F.N.B. owns and operates First National Bank of Pennsylvania, First National Trust Co., First National Investment Services Co., F.N.B. Investment Advisors Inc., First National Insurance Agency Inc., and Regency Finance Co. It also operates consumer finance offices in Tennessee.Visit F.N.B. Corp.: www.fnbcorporation.com"