FNB Corp to acquire Howard Bank for $21.96 per share in an all-stock deal

Jul. 13, 2021 9:20 AM ETF.N.B. Corporation (FNB)FNBBy: SA News Team

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  • F.N.B. Corporation (NYSE:FNB) and Howard Bancorp (NASDAQ:HBMD) inks a merger agreement for FNB to acquire Howard in an all-stock deal at $21.96 per share (about $418 million), based on the closing stock price of FNB as of July 12, 2021.
  • As per the terms, Stockholders of Howard will be entitled to receive 1.8 shares of FNB common stock for each share of Howard common stock they own.
  • The exchange ratio is fixed, and the transaction is expected to qualify as a tax-free exchange for Howard's stockholders.
  • The transaction has been unanimously approved by the Boards of Directors of both companies.
  • Following the proposed merger, on a pro-forma basis, FNB will have ~$41 billion in total assets, $32 billion in deposits and $27 billion in total loans.
  • FNB expects the merger to be 4% accretive to EPS with fully phased-in cost savings on a GAAP basis and expects the merger to enhance FNB's profitability metrics.
  • The merger is expected to conclude in early 2022.
  • Premarket moves: FNB +0.74%, HBMD flat.

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