The Herald, Sharon, PA Published Wednesday, August 13, 2003

FNB begins job cuts


About 300
could be
out of work

§   §   §
Herald Business Editor

As part of restructuring, FNB Corp. and its affiliated companies are going to shed about 160 jobs in Pennsylvania and another 130 or so in Florida, the bank holding company said Tuesday.

Affected employees were expected to be notified by 5 p.m. Tuesday. FNB has 3,100 employees: about 1,800 in Pennsylvania and Ohio and 1,300 in Florida.

Stephen Gurgovits, chief executive officer of FNB's Hermitage-based First National Bank of Pennsylvania, said he didn't immediately know how many of those layoffs would occur in Mercer County and he declined to speculate on any numbers.

Job cuts by the bank holding company and its affiliates were expected after the Naples, Fla.-based FNB said last month it was dividing the company into two separate bank holding companies serving separate markets, mainly in Pennsylvania and Florida. The company said it expected to notify affected employees by Aug. 15.

As part of the separation, scheduled for completion in January, FNB will move back to its former headquarters in Hermitage. FNB was moved to Florida in 2001. The Florida operation will be spun off in a yet-to-be-named company.



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