2 Bank Mergers Slated; Deals Total $2 Billion

First Fidelity Bancorporation of New Jersey and Philadelphia-based Fidelcor Inc. announced a $1.34-billion merger agreement Friday, the biggest U.S. bank merger to date.

Separately, Pittsburgh-based PNC Financial Corp. and Central Bancorporation Inc. of Cincinnati said they would merge in a nearly $700-million transaction that would create a $32.7-billion bank holding company.

Both deals, which must be approved by shareholders and banking regulators, are all-stock transactions.

The moves were the latest major combinations in an industry consolidating in the face of waning interstate banking barriers and stiffer competition from inside and outside the industry.