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F.N.B. Corp. in Hermitage, Pa., has agreed to buy BCSB Bancorp in Baltimore in a stock transaction valued at $79 million, or $23.77 a share. The acquisition is the company's third in less than eight months.
June 14 -
F.N.B. Corp. (FNB) in Hermitage, Pa., said late Monday it had agreed to buy Annapolis Bancorp (ANNB), which owns the Bank of Annapolis, for $51 million in stock.
October 22 -
F.N.B. Corp. in Hermitage, Pa., is setting up a regional headquarters in downtown Baltimore.
September 10 -
Activist investor Lawrence Seidman is pressuring OBA Financial Services to find a buyer, saying its poor asset growth, lagging efficiency and "abysmal" returns on average assets and average equity make it necessary.
September 16
F.N.B. Corp. (FNB) in Hermitage, Pa., has agreed to buy OBA Financial Services (OBAF) in Germantown, Md.
The $13.6 billion-asset F.N.B. will pay $94 million in stock for the $390 million-asset OBA Financial. F.N.B. has been an active acquirer in Maryland, buying
F.N.B. said in a press release Tuesday that the deal will add about 30 basis points to its tangible common equity to tangible assets ratio, along with six branches, $290 million in deposits and $300 million in loans.
OBA Financial had been facing pressure from veteran activist investor Lawrence Seidman, who has been
"This transaction presents an opportunity to add scale to our Maryland region and efficiently provide capital that can be leveraged to support our future growth," Vincent Delie Jr., F.N.B.'s president and chief executive, said in the release. " With this acquisition, we will continue to leverage our investments in the market and gain access to additional high-growth areas that will further strengthen our organic growth potential."
F.N.B. said it expects to complete the acquisition in the third quarter.
RBC Capital Markets and Reed Smith advised F.N.B. Sterne Agee & Leach and Luse Gorman Pomerenk & Schick advised OBA Financial.
