F.N.B. acquires Baltimore bank
F.N.B. Corp. and BCSB Bancorp Inc. recently announced the signing of a definitive merger agreement pursuant to which F.N.B. will acquire BCSB, the Baltimore-based holding company and parent of Baltimore County Savings Bank.
The all-stock transaction is valued at approximately $23.77 per share, or $79 million, using the closing stock price of F.N.B. on Thursday.
The acquisition will provide F.N.B. with an additional $640 million in total assets, including $560 million in total deposits, $320 million in loans and 16 banking offices in and around the Baltimore area.
Under the terms of the agreement, which has been approved by the boards of directors of both companies, shareholders of BCSB will be entitled to receive 2.08 shares of F.N.B. common stock for each common share of BCSB Inc.
Hermitage-based F.N.B. operates a branch in Clymer.
“This is a great opportunity to expand our existing presence in the Maryland market. In the span of 12 months, F.N.B. has achieved a top deposit market share position in another one of the nation’s 25 largest MSAs,” Vincent J. Delie Jr., president and CEO of F.N.B., said in a release.