F.N.B. Corp. in Pittsburgh said it secured final regulatory approvals for its
The Federal Reserve and the Office of the Comptroller of the Currency both approved the deal, which will boost F.N.B.'s asset base by $1 billion to $43 billion. The combined bank will have $35 billion of deposits and $29 billion of total loans, F.N.B. said in a press release after markets closed Wednesday.
UB Bancorp shareholders approved the deal in September. It is slated to close in December.
The timely approval process — without delays — is notable in a year when several large deals were postponed or nixed because of heightened regulatory scrutiny. Regulators ramped up M&A deal audits after
Several mergers were delayed this year and eight deals were called off.
Of the 10 largest terminated deals of the past 10 years, three were scrapped this year, according to S&P Global Market Intelligence data: Blue Ridge Bankshares' merger with FVCBankcorp, VyStar Credit Union's acquisition of Heritage Southeast Bancorp and Patriot National Bancorp's buyout of American Challenger Development Corp. All three carried deal values of more than $100 million.
F.N.B., the parent of First National Bank of Pennsylvania,
Noting North Carolina's swelling population — its growth was the fourth-fastest among all states in 2021, according to Census Bureau data — F.N.B. has steadily bolstered its presence there ever since it entered the state in 2017 with the
"There's a strategic focus on our part in continuing to build out the delivery channel in North Carolina," F.N.B. Chairman and CEO Vincent Delie said in an interview in June after announcing the UB Bancorp deal. "It makes sense for us to be focused there."
