2 Bank Mergers Slated; Deals Total $2 Billion
- Share via
NEWARK, N.J. — First Fidelity Bancorporation of New Jersey and Philadelphia-based Fidelcor Inc. announced a $1.34-billion merger agreement Friday, the biggest U.S. bank merger to date.
Separately, Pittsburgh-based PNC Financial Corp. and Central Bancorporation Inc. of Cincinnati said they would merge in a nearly $700-million transaction that would create a $32.7-billion bank holding company.
Both deals, which must be approved by shareholders and banking regulators, are all-stock transactions.
The moves were the latest major combinations in an industry consolidating in the face of waning interstate banking barriers and stiffer competition from inside and outside the industry.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
