First Fidelity Bancorp. moved to pick up another piece of the Philadelphia- area banking market yesterday, announcing it would buy an exclusive private bank in Jenkintown.
First Fidelity, of Newark, N.J., parent of New Jersey's largest bank and Philadelphia's Fidelity Bank and the second-largest holder of deposits in the Philadelphia region, said it had agreed to buy Pitcairn Private Bank, a one- building, $22 million institution that specializes in providing bank services to the wealthy.
First Fidelity also said it would forge a "joint marketing alliance" with the Pitcairn Trust Co., a separate but related organization that also serves affluent customers. Both Pitcairn Trust and Pitcairn Private Bank are owned by descendants of John Pitcairn, founder of PPG Industries.