FNB to Acquire PVF Capital - Analyst Blog
20 Febbraio 2013 - 3:10PM
Zacks
F.N.B. Corporation (FNB) is moving forward with
its expansion strategy through acquisitions. Now, the company has
announced a deal to acquire Solon, Ohio-based PVF Capital
Corp. (PVFC) and its subsidiary Park View Federal Savings
Bank in an all-stock transaction.
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
Capital.
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 (SF) – 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. (ANNB) 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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