Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
NorthSide Bank Opens as First National Bank of Pa.
"PITTSBURGH -- When the 11 branches of the former NorthSide Bank open for business today, customers might notice a few changes. In addition to cookies and coffee being served in the lobbies, new signs sporting the First National Bank of Pennsylvania logo will be prominent, and many customers will be using recently issued First National Bank checks, and or carrying First National Bank ATM and Debit cards.The tellers and personal bankers, though, are the same people who were there on Friday, when the merger was completed between NSD Bancorp and F.N.B. Corp., parent companies of NorthSide Bank and First National Bank. "The idea was to find a strong partner that shares NorthSide's ideals and standards of service, and is large enough to offer customers a wider array of financial services," says Andy Hasley, former NSD president who is now president and chief executive officer of the newly created Pittsburgh Region of First National Bank. "As part of the over $5 billion First National Bank of Pennsylvania, we have more services to offer. Trust, insurance, and wealth management are all now readily available. Plus, instead of only eleven offices, our customers can now bank at any of the over 140 First National Bank offices in western Pennsylvania and eastern Ohio." The intent to merge was announced in October 2004. The merger is a tax-free 100% stock deal with a fixed exchange ratio of 1.8 F.N.B. Corp. shares for each share of NSD Bancorp. The merger increases F.N.B.'s asset size to $5.5 billion. F.N.B. officials expect the merger to be accretive to its earnings per share and to its regulatory capital ratios in 2005.As part of the merger agreement, directors of F.N.B. elected NSD director David Malone, principal and chief financial officer of Gateway Financial, Pittsburgh, to the F.N.B. Corp. board. Two other NSD directors, Gus P. Georgiadis, president and CEO of Triad USA, and G.A. "Pete" Colton Jr., chairman of G.A. Industries, have been elected directors of First National Bank of Pennsylvania."These new directors bring extensive experience in business combined with in-depth knowledge of the greater Pittsburgh market," noted Stephen Gurgovits, F.N.B. Corp. president and chief executive officer. "Their counsel as part of the governing boards of F.N.B. and First National Bank will be crucial to our ability to maximize the opportunities presented by this merger." Headquartered in Hermitage, Pa., F.N.B. Corp. has total assets of $5.5 billion following completion of its merger with NSD Bancorp Inc. 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. and operates consumer finance offices in Tennessee. Visit F.N.B. Corp.: www.fnbcorporation.com"