) continues to move forward with its inorganic growth strategy.
The company has announced completion of the deal to acquire
Annapolis-based Annapolis Bancorp Inc. on Apr 6.
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All stock deal, announced in Oct 2012, was valued at roughly
$12.09 per share or $51 million using the closing share price on
Oct 19, 2012. Upon completion, FNB added 8 branches in Anne
Arundel and Queen Anne's Counties in Md. Further, the
shareholders of Annapolis received 1.143 shares of FNB for each
share of Annapolis.
Additionally, FNB stated that Richard M. Lerner, who was Chairman
and CEO of Annapolis, will provide transitional support as the
Chairman of the newly established Md. Region. Further, J.
MacGregor (Mac) Tisdale will serve as Market Executive and
President of Md. Region and develop business opportunities in the
high-growth markets in and around Annapolis.
Now the customers of Annapolis will have access to all the
products and services being offered by FNB. Also, the customers
can conduct their banking at any of the company's more than 250
banking offices in Pa., Ohio, W. Va. and Md.
Over the last couple of years, FNB has announced and closed a
number of deals. In Feb 2013, the company announced an all stock
deal to buy Solon, Ohio-based
PVF Capital Corp.
) and its subsidiary Park View Federal Savings Bank for about
$106.4 million. Earlier in Jan 2012, the company completed the
acquisition of Parkvale Financial Corporation, while in Jan 2011
it closed the deal to buy Comm Bancorp, Inc.
We believe that FNB will continue with its strategy to expand
through acquisitions. The company's stable capital position and
strong balance sheet will support its growth plan, going forward.
Currently, FNB carries a Zacks Rank #3 (Hold). However, other
south-east banks such as,
Capital City Bank Group Inc.
) are more favorably placed and carry a Zacks Rank #1 (Strong