F.N.B. Corp. has inked a $117 million all-stock deal to acquire UB Bancorp in Greenville, North Carolina.
Pittsburgh-based F.N.B., the parent of First National Bank of Pennsylvania, said the deal would boost its total assets by about $1 billion to $43 billion. It would have $35 billion of deposits and $28 billion of total loans.
F.N.B said the deal would bolster its presence in North Carolina, including the Raleigh and Durham markets. UB Bancorp is the parent of Union Bank, which operates 15 banking offices in 12 counties throughout eastern and central North Carolina.
“North Carolina has proven to be a growth engine for our company, and this new partnership with Union Bank will further leverage our investments in the market and accelerate our organic growth potential,” F.N.B Chairman and CEO Vincent Delie Jr. said in a press release Wednesday.
F.N.B. expects the acquisition to be approximately 2% accretive to earnings per share after capturing 45% cost savings on UB Bancorp’s noninterest expense base. It expects tangible book value per common share dilution to be less than 1%.
