Learn what Wall Street already knows in our "Billion Dollar Secret" guide.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities.
If you wish to go to ZacksTrade, click
OK. If you do not, click Cancel.
Back to top
FNB to Acquire PVF Capital
F.N.B. Corporation ( FNB - Snapshot Report) is moving forward with its expansion strategy through acquisitions. Now, the company has announced a deal to acquire Solon, Ohio-based PVF Capital Corp. and its subsidiary Park View Federal Savings Bank in an all-stock transaction.
FNB stated that the agreement is valued at about $106.4 million. Moreover, under the terms of the deal, the shareholders of PVF Capital will receive 0.3405 shares of FNB for each share of PVF Capital.
The transaction is anticipated to be completed in the third quarter of 2013. Further, the deal requires regulatory approvals and the consent of PVF Capital shareholders, while the board of directors of both the companies has approved it.
The deal would significantly enhance FNB’s presence in Greater Cleveland with the addition of PVF Capital’s 16 banking offices. Moreover, upon completion, FNB would be receiving PVF Capital’s total deposits worth about $634 million and $600 million of gross loans. Also, the deal will be immediately accretive to FNB’s earnings (excluding one-time transaction cost of nearly $14.3 million) and tangible book value per share.
Keefe, Bruyette & Woods, Inc. – a subsidiary of Stifel Financial Corporation ( SF - Snapshot Report) – acted as financial advisor to FNB, whereas Sandler O'Neill + Partners, L.P. acted as financial advisor to PVF Capital.
Over the last couple of years, FNB has announced and closed a number of deals. In Oct 2012, the company announced an all-stock deal to buy Annapolis Bancorp Inc. for about $51 million. Earlier in Jan 2012, the company completed the acquisition of Parkvale Financial Corporation, while in Jan 2011 it closed the deal to buy Comm Bancorp, Inc.
We believe that FNB will continue with its strategy to expand through acquisitions. The company’s stable capital position and strong balance sheet will support its growth plan going forward.
Currently, FNB carries a Zacks Rank #3 (Hold).