) is moving forward with its expansion strategy through
acquisitions. Now, the company has announced a deal to acquire
PVF Capital Corp.
) and its subsidiary Park View Federal Savings Bank in an
FNB stated that the agreement is valued at about $106.4 million.
Moreover, under the terms of the deal, the shareholders of PVF
Capital will receive 0.3405 shares of FNB for each share of PVF
The transaction is anticipated to be completed in the third
quarter of 2013. Further, the deal requires regulatory approvals
and the consent of PVF Capital shareholders, while the board of
directors of both the companies has approved it.
The deal would significantly enhance FNB's presence in Greater
Cleveland with the addition of PVF Capital's 16 banking offices.
Moreover, upon completion, FNB would be receiving PVF Capital's
total deposits worth about $634 million and $600 million of gross
loans. Also, the deal will be immediately accretive to FNB's
earnings (excluding one-time transaction cost of nearly $14.3
million) and tangible book value per share.
Keefe, Bruyette & Woods, Inc. - a subsidiary of
Stifel Financial Corporation
) - acted as financial advisor to FNB, whereas Sandler O'Neill +
Partners, L.P. acted as financial advisor to PVF Capital.
Over the last couple of years, FNB has announced and closed a
number of deals. In Oct 2012, the company announced an all-stock
deal to buy
Annapolis Bancorp Inc.
) for about $51 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).
ANNAPOLIS BCP (ANNB): Get Free Report
FNB CORP (FNB): Free Stock Analysis Report
PVF CAPITAL CP (PVFC): Get Free Report
STIFEL FINL (SF): Free Stock Analysis Report
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