23 February 2008

fnb buys another bank, brain drain

Found this on the PGH Quarterly blog:
"Hermitage-based FNB Corp. continued its bank-buying spree this past week announcing a deal to buy Iron & Glass Bank, a South Side fixture for nearly 140 years whose name alone was a daily reminder of the broad shoulders on which the region’s economy once stood."
F.N.B., headquartered in Hermitage PA just over the state line, has assests of $6.1 billion dollars. It is also the bank which is housed in Youngstown's tallest building, the Metropolitan Tower.

Also on the PGH Quarterly blog, you can read Jim's recent post on brian drain in Pittsburgh.
"Brain drain is a real problem for Pittsburgh and just about any other city. But I want to highlight that educating the local workforce will enable more out-migration. Trying to keep people from leaving is working against the flow. That CMU spillovers benefit innovation centers such as Silicon Valley and Seattle is not necessarily a bad outcome for Pittsburgh. A powerful, but latent network is already in place and can facilitate brain circulation."

No comments: