Pittsburgh-based F.N.B. Corporation, a diversified financial services company, and its wholly owned broker dealer subsidiary, recently agreed to purchase Pittsburgh-based Raptor Partners LLC, an independent investment banking firm focused on financial advisory services.
The purchase allows FNB to continue its strategy of growing and diversifying noninterest income with significant capital markets capabilities.
“FNB has continually invested in its Capital Markets capabilities, which positions us as a trusted advisor for our clients and has driven a 137 percent increase in revenue over the past decade,” Vincent J. Delie, Jr., F.N.B. Corporation chairman, president and CEO, said. “The addition of investment banking rounds out our offerings, enabling FNB to provide clients with advisory services throughout their entire business life cycle. We believe this is an opportune time to invest in FNB’s investment banking platform to advise our middle market and large corporate clients given the scale of our company and the changing economic outlook.”
The deal is expected to close during the second quarter.
Raptor Partners LLC founder and President Craig Wolfanger will join FNB as managing director and head of investment banking.
Raptor has experience with corporate finance, mergers and acquisitions, private capital raising, and valuation advisory.
F.N.B. Corporation operates in seven states and the District of Columbia.