Pittsburgh-based F.N.B. Corporation, a diversified financial services company operating in seven states, recently signed an agreement to merge with Maryland-based Howard Bancorp, which includes Howard Bank, a wholly-owned banking subsidiary.
The all-stock transaction is valued at $21.96 per share based upon the closing stock price as of Monday. The approximate value is $418 million.
Merging with Howard will increase FNB’s presence in the Mid-Atlantic Region and enhance the company’s growth.
“FNB and Howard share a deep cultural commitment to client and community service,” said Vincent J. Delie, Jr., F.N.B. Corp. chairman, president and CEO. “Combined, we will have the sixth-largest deposit share in the Baltimore market, reinforcing our strong presence and presenting our organizations with the opportunity to deliver an enhanced experience for our customers, communities, and dedicated teams.”
As of March 31, Howard’s assets totaled approximately $2.6 billion, and the company had $1.9 billion in total loans and leases and $2 billion in total deposits.
Once the merge completes, FNB will have approximately $41 billion in total assets, $32 billion in deposits, and $27 billion in total loans, and Howard Bank will merge with FNB’s subsidiary, First National Bank of Pennsylvania.
Both boards of directors approved the merger agreement.