Governor Shapiro Tours New FNB Headquarters in Pittsburgh

Rhea-AI Summary

F.N.B. (NYSE: FNB) hosted Pennsylvania Governor Josh Shapiro for a tour of its new headquarters, FNB Financial Center, in Pittsburgh's Hill District on June 18, 2024. This development is expected to drive nearly $1 billion in economic growth and create thousands of jobs. The 26-story LEED Silver-certified building will open later in 2024, coinciding with FNB's 160th anniversary. FNB's initiatives include monetizing LERTA tax benefits worth $7.2 million for the community, financing projects to boost home ownership and business formation, and supporting job training for minority-owned construction firms.

Positive

• FNB Financial Center expected to drive nearly $1 billion in economic expansion.
• Creation of thousands of construction and permanent jobs.
• 26-story LEED Silver-certified building attracts talent and business.
• Monetization of LERTA tax benefit generated $7.2 million for community use.
• Investments in low-income and minority home ownership, business formation, and financial literacy.
• Support for job training programs for minority-owned construction firms.

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• None.

PITTSBURGH, June 24, 2024 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) announced today that Chairman, President and Chief Executive Officer Vincent J. Delie, Jr., hosted Pennsylvania Governor Josh Shapiro for a tour of its new headquarters, FNB Financial Center, on June 18, 2024.

Located in Pittsburgh's Hill District, a historic majority-minority community, FNB Financial Center anchors a development that is the catalyst for an expected nearly $1 billion in economic expansion for the region. One of the most socially responsible urban redevelopment projects taking place in the U.S. — and one of the only projects of its magnitude underway in Pittsburgh — the development will result in the creation of thousands of jobs (construction and permanent) and stimulate essential additional tax revenue for the city.

"By investing heavily in Pittsburgh and building its new headquarters there — FNB Financial Center — FNB is sending a powerful message about their commitment to Western Pennsylvania," said Governor Shapiro. "FNB leadership is committed to growing here in Pennsylvania and supporting communities across our Commonwealth, and I'm hopeful FNB Financial Center will serve as an engine for growth in Pittsburgh and the entire region."

Delie added, "FNB's investment in FNB Financial Center drives employment opportunities and economic expansion that translate directly to broader prosperity for our communities. We appreciate the support we have received from the Governor's Office and Commonwealth of Pennsylvania throughout our project's planning and implementation and are proud of our Company's role in Pittsburgh's bright future."

FNB Financial Center is slated to open later in 2024, which is FNB's 160th year in business. Intended to accommodate FNB's continued growth, the 26-story LEED Silver-certified building adds modern workspace and best-in-class amenities designed to attract talent and businesses to the downtown area.

Under Delie's leadership, FNB ensured its headquarters development would bring economic benefits to the community. The Company assisted in the monetization of the Local Economic Revitalization Tax Assistance (LERTA) tax benefit that generated approximately $7.2 million available to be distributed to the community. In addition, FNB financed multiple projects across the Hill District to promote low-income and minority home ownership, business formation and development, financial literacy and wealth building. To enable local individuals and businesses to participate in the construction of its building, FNB has supported job training programs and invested in a fund that provides capital for minority-owned construction firms — and the development team collectively continues to be on track to exceed its significant commitments to include minority- (30 percent) and women-owned (15 percent) businesses in construction. FNB also has been a strong contributor to the Hill District Federal Credit Union, providing capital and other support. Learn more about FNB Financial Center and FNB's overarching community commitment.

About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas, including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of nearly $46 billion and approximately 350 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.

FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network, which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management services include asset management, private banking and insurance.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.

 

 

 

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SOURCE F.N.B. Corporation

FAQ

What is the economic impact of FNB Financial Center in Pittsburgh?

FNB Financial Center is expected to drive nearly $1 billion in economic expansion and create thousands of jobs in Pittsburgh.

When did Governor Shapiro tour FNB Financial Center?

Governor Josh Shapiro toured FNB Financial Center on June 18, 2024.

What financial benefits has FNB generated for the community through its new headquarters?

FNB monetized the LERTA tax benefit, generating approximately $7.2 million for community distribution.

What sustainability certifications does the FNB Financial Center have?

The FNB Financial Center is a 26-story LEED Silver-certified building.

How is FNB supporting minority-owned businesses?

FNB supports minority-owned businesses by investing in job training programs and providing capital for minority-owned construction firms.