F.N.B. Corp. and UB Bancorp recently signed a definitive merger agreement with a market value of approximately $117 million, based on the closing stock price of F.N.B. on May 31.
Under the agreement, F.N.B. acquires UB Bancorp and its wholly-owned banking subsidiary, Union Bank. Union Bank will become part of F.N.B. subsidiary First National Bank of Pennsylvania.
UB Bancorp stockholders will receive 1.61 shares of F.N.B. common stock for each share of UB Bancorp common stock they own.
Following the merger, F.N.B. will have approximately $28 billion in loans, $35 billion in deposits, and $43 billion in total assets.
“Our partnership with Union Bank represents another step in our continued investment in North Carolina, with proforma deposits growing to over $7 billion since we entered the market in 2017,” said Vincent J. Delie, Jr., F.N.B. Corp. chairman, president and CEO. “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.”
Based in Greenville, N.C., Union Bank operates 15 full-service banking offices.
The merger is expected to be completed by the end of the year, pending regulatory approvals, the approval of UB Bancorp’s stockholders, and other closing conditions.