As announced previously on 9 August 2010, the shareholders of Comm Bancorp will be entitled to receive a fixed exchange ratio of 3.4545 shares of FNB common stock and $10.00 in cash for each share of Comm Bancorp, according to the FNB.
FNB and Comm Bancorp expect the merger to be closed by 31 December 2010, pending receipt of normal regulatory approvals and the satisfaction of other closing conditions.
FNB is a provider of commercial and retail banking, leasing, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio with total assets of $9bn.
Comm Bancorp is a full-service financial services company with total assets of $653m. It offers a comprehensive array of financial products and services to individuals, businesses, not-for-profit organizations and government entities.
Comm Bancorp also engages in commercial leasing through Community Leasing Corporation and sells insurance and asset management services through Comm Financial Services.
