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Banking & Finance

July 28, 1993|From Times Staff and Wire Reports

PNC Bank Corp. to Acquire First Eastern: Pittsbsurgh-based PNC said it has agreed to buy Wilkes-Barre, Pa.-based, First Eastern for about $330 million. Under the agreement, expected to be finalized in the first half of 1994, PNC will pay $27 per share to First Eastern stockholders. If the deal is completed before the end of 1993, the price will be $26.50 per share. First Eastern has $2.1 billion in assets and operates 51 branches. PNC has assets of $53.8 billion and operates 530 branches.

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