The acquisition of Parkvale will give FNB with $1.8bn in total assets, including $1.5bn in total deposits, $1bn in loans and 47 banking offices located in Pittsburgh market.
Overall, FNB will have $11.6bn in assets, $8.9bn in total deposits and 282 full service banking offices.
Under the terms of the merger agreement, Parkvale Financial will be entitled to receive 2.178 shares of FNB common stock for each share of Parkvale Financial stock.
Upon consummation of the merger, Robert McCarthy, CEO of Parkvale, will join the board of directors of FNB and one Parkvale board member will become a director of FNB’s subsidiary, First National Bank of Pennsylvania.
FNB expects the merger to be accretive to its earnings per share in the first full year, excluding one-time costs.
The transaction is subject to approval and is expected to close in the fourth quarter of 2011.
