M&A Deal Summary

First Commonwealth Bank Acquires Santander Bank N.A. - 14 Branches

On April 22, 2019, First Commonwealth Bank acquired financial services company Santander Bank N.A. - 14 Branches from Santander Bank N.A.

Acquisition Highlights
  • This is First Commonwealth Bank’s 4th transaction in the Financial Services sector.
  • This is First Commonwealth Bank’s 4th transaction in the United States.
  • This is First Commonwealth Bank’s 1st transaction in Massachusetts.

M&A Deal Summary
Date 2019-04-22
Target Santander Bank N.A. - 14 Branches
Sector Financial Services
Buyer(s) First Commonwealth Bank
Sellers(s) Santander Bank N.A.
Deal Type Divestiture

Target

Santander Bank N.A. - 14 Branches

Boston, Massachusetts, United States
Santander Bank, N.A. - 14 Branches located in central Pennsylvania. The branches are located in State College, Lock Haven, Williamsport, South Williamsport, Lewisburg, Danville, Montoursville, Beech Creek, Jersey Shore, Milton, Muncy and Renovo, Pennsylvania, and comprise approximately $525 million of deposits and $120 million of retail and business loans as of March 31, 2019.

Search 201,157 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 1

Buyer

First Commonwealth Bank

Indiana, Pennsylvania, United States
Category Company
Founded 1934
Sector Financial Services
Employees1,465
Revenue 482M USD (2023)
DESCRIPTION

First Commonwealth Bank is a financial holding company. It operates 110 retail branch offices in 15 counties in western and central Pennsylvania through First Commonwealth Bank a Pennsylvania chartered bank and trust company. Insurance products are also provided through First Commonwealth Insurance Agency. First Commonwealth Bank was incorporated in 1934 and is based in Indiana, Pennsylvania.

DEAL STATS #
Overall 4 of 6
Sector (Financial Services) 4 of 5
Type (Divestiture) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 4 of 6
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-30 Laurel Capital Group

Allison Park, Pennsylvania, United States

Laurel Capital Group, Inc is the holding company of Laurel Savings Bank with total assets of $310 million, deposits of $255 million, loans of $214 million and stockholders' equity of $28 million at December 31, 2005. Laurel Savings Bank has eight full service offices, including seven in Allegheny County and one in Butler County.

Buy $58M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-20 Essco

Twinsburg, Ohio, United States

Essco is a value-added distributor of floor care products in the U.S. to specialty household distributors, e-commerce retailers, repair centers, and independent dealers nationwide. Essco was founded in 1924 and is based in Twinsburg, Ohio.

Buy -

Seller(S) 1

SELLER

Santander Bank N.A.

Boston, Massachusetts, United States
Category Company
Founded 1902
Sector Financial Services
DESCRIPTION

Santander Bank, N.A., a financial institution, provides national chartered retail banking products and services for personal, business, and corporate customers in the United States.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Divestiture) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 Business Alliance Capital

Princeton, New Jersey, United States

BACC specializes in providing capital to manufacturers, distributors, and service providers who are unable to obtain sufficient traditional bank financing. Typical BACC clients have over $1.5 million of revenue and require credit facilities from $300,000 to $7.5 million. BACC structures revolving loans secured by accounts receivable and inventory. To complete the financing package and make available the required credit, BACC can provide term loans secured by machinery, equipment, and owner occupied real estate.

Buy $38M
Mergr

Product

Company

Legal