UNIVERSITY PARK, Pa. — Penn State has announced a partnership that establishes First National Bank (FNB), the largest subsidiary of F.N.B. Corporation, as the University’s long-term retail banking and financial services provider, effective July 1. The proposal was approved by the Penn State Board of Trustees’ Committee on Finance and Investment on March 13.
As part of the agreement, FNB will provide on-campus and digital banking services — including FNB’s award-winning eStore technology platform, financial education programming, and treasury management and corporate banking support — across all Penn State campuses. FNB will also provide support for financial literacy, support across student services, scholarships, and internships, as well as additional support for Invent Penn State programs and THON.
“We are so pleased to welcome a new Keystone partner whose mission and vision align so closely with our own and who is deeply committed to supporting the University through meaningful investments in financial literacy, entrepreneurship and student engagement,” said Michael Wade Smith, senior vice president for external affairs. “Penn State’s longstanding relationship with FNB provides a strong foundation for this new partnership, and we value the continued innovation and enhanced capabilities they will bring.”
As Penn State’s official bank, FNB will integrate 24/7 digital access with an onsite presence to serve the needs of the University community. Features will include:
- Innovative banking tools: FNB’s proprietary eStore technology has transformed the process to shop for and buy financial products and services, increasing both the speed and quality of client engagement. Through the eStore Common application, consumers and businesses can apply for more than 50 deposit and loan products simultaneously with a single, streamlined form.
- On-campus branches and ATMs: FNB will install technology-forward banking centers that, in addition to eStore, will incorporate ATMs with TellerChat. Customers can use video chat on these interactive ATMs to conduct transactions, access services and receive assistance from a remote FNB representative during extended hours.
- Financial education: FNB’s multi-tiered financial literacy program, Financial Insights, incorporates online modules and facilitator-led courses to set learners of all ages up for success.
- Specialized products and services: FNB’s student checking account prioritizes digital banking and cost-effective features and supports school pride with Penn State-branded FNB Visa debit cards. In addition, employees will receive discounted financial services via FNB Workplace Banking Solutions.
Penn State issued a request for proposals for a new retail banking and financial services partner and invited 35 banking institutions — including local, regional, national and multinational banks — to participate. After extensive evaluation and analysis by the Office of Central Procurement and stakeholders across the University, FNB was recommended as the exclusive partner.
“I’d like to thank and acknowledge the team that has worked to identify and secure this comprehensive partnership that will have a lasting impact,” Smith added.
F.N.B. Corporation, headquartered in Pittsburgh, operates a network of more than 350 branches across seven states and Washington, D.C.