FNB, OBA merger approved
The Office of the Comptroller of the Currency has approved the merger application to merge OBA Bank, the subsidiary of OBA Financial Services, into First National Bank of Pennsylvania, FNB’s bank subsidiary.
The Federal Reserve Bank of Cleveland has granted FNB a waiver of its merger application requirements.
OBA shareholders will vote on the proposed merger on Aug. 21. The merger is expected to be effective on Sept. 19.
As announced on April 8, shareholders of OBA will be entitled to receive 1.781 shares of FNB common stock for each common share of OBA. The exchange ratio is fixed and the transaction is expected to qualify as a tax-free exchange for shareholders of OBA.