“FNB Corp. reported third-quarter profits rose 36 percent from a year ago on record revenue as the Pittsburgh-based bank benefited from the release of reserves it had set aside to cover bad loans,” the Post-Gazette reports.
So why is the obviously healthy banking giant receiving $10 million in public money to help it build the now-$240 million skyscraper on the site of the former Pittsburgh Civic Arena?
“Earnings were $109.5 million, or 34 cents per share, up from $80.8 million, or 25 cents, in the third quarter last year. Revenue was $321.3 million, up 4.6 percent from $307.1 million,” the Post-Gazette detailed.
Source:
AIER
