Tue, Aug. 4, 12:45 PM
Tue, Aug. 4, 12:32 PM
- The purchase of Harrisburg-based Metro Bancorp (METR +22.8%) will boost F.N.B. Bancorp's (FNB -2.5%) central PA presence with $3B in total assets, $2.4B in deposits, $2.1B of loans, and 32 banking offices.
- After the deal, F.N.B. will have $19.6B in assets, $14.7B in deposits, $13.7B of loans, and more than 300 offices.
- Metro owners will receive 2.373 shares of FNB stock for each share of Metro they hold, valuing the deal at about $32.72 per share, or $474M.
- FNB expects EPS accretion in year one of 4% on a GAAP basis and 6% on a cash basis. Tangible book value per share is expected to be diluted by about 3%, with an earnback period of just under five years.
- Closing is expected in 2016's Q1.
- Source: Press Release
- Conference call is set for 2 ET
Jan. 27, 2012, 2:36 PM
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