{"id":692518,"date":"2022-10-05T14:05:37","date_gmt":"2022-10-05T18:05:37","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/f-n-b-corporation-receives-final-regulatory-approvals-for-ub-bancorp-merger\/"},"modified":"2022-10-05T14:05:37","modified_gmt":"2022-10-05T18:05:37","slug":"f-n-b-corporation-receives-final-regulatory-approvals-for-ub-bancorp-merger","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/f-n-b-corporation-receives-final-regulatory-approvals-for-ub-bancorp-merger\/","title":{"rendered":"F.N.B. Corporation Receives Final Regulatory Approvals for UB Bancorp Merger"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n PITTSBURGH<\/span>
\n <\/span>, Oct. 5, 2022<\/span><\/span> \/PRNewswire\/ — F.N.B. Corporation (NYSE: FNB) announced it has received all regulatory clearances for its proposed merger with UB Bancorp (OTCQX: UBNC).<\/p>\n

The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) have provided final clearance for the pending FNB-UB Bancorp merger as well as the merger of UB Bancorp’s bank subsidiary, Union Bank, into FNB’s bank subsidiary, First National Bank of Pennsylvania<\/span>. UB Bancorp stockholders approved the proposed merger at a special meeting on September 21, 2022<\/span>.<\/p>\n

The proposed merger between FNB and UB Bancorp will further increase FNB’s presence in North Carolina<\/span>, where the combined organization will operate approximately 100 convenient locations and assume the eighth largest deposit market share position1<\/sup>. Following the proposed merger with UB Bancorp on a proforma basis, FNB will have approximately $43 billion<\/span> in total assets, $35 billion<\/span> in deposits and $29 billion<\/span> in total loans.<\/p>\n

The completion of the merger remains subject to the satisfaction of certain routine and customary closing conditions. The merger is expected to close and convert in December 2022<\/span>.<\/p>\n

As announced on June 1, 2022<\/span>, UB Bancorp stockholders will be entitled to receive 1.61 shares of FNB common stock for each share of UB Bancorp common stock they own. The exchange ratio is fixed, and the transaction is expected to qualify as a tax-free exchange for UB Bancorp stockholders.<\/p>\n

\n About F.N.B. Corporation<\/b>\n <\/p>\n

F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania<\/span>, is a diversified financial services company operating in seven states and the District of Columbia<\/span>. FNB’s market coverage spans several major metropolitan areas, including: Pittsburgh, Pennsylvania<\/span>; Baltimore, Maryland<\/span>; Cleveland, Ohio<\/span>; Washington, D.C.<\/span>; Charlotte<\/span>, Raleigh<\/span>, Durham<\/span> and the Piedmont Triad (Winston-Salem<\/span>, Greensboro<\/span> and High Point<\/span>) in North Carolina<\/span>; and Charleston, South Carolina<\/span>. The Company has total assets of $42 billion<\/span> and more than 340 banking offices throughout Pennsylvania<\/span>, Ohio<\/span>, Maryland<\/span>, West Virginia<\/span>, North Carolina<\/span>, South Carolina<\/span>, Washington, D.C.<\/span> and Virginia<\/span>.<\/p>\n

FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network, which is led by its largest affiliate, First National Bank of Pennsylvania<\/span>, founded in 1864. Commercial banking solutions include\u00a0corporate banking, small business banking, investment real estate financing, government banking, business credit,<\/p>\n

capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB’s wealth management services include asset management, private banking and insurance.<\/p>\n

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol “FNB” and is included in Standard & Poor’s MidCap 400 Index with the Global Industry\u00a0Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at\u00a0www.fnbcorporation.com<\/a>.<\/p>\n

\n Cautionary Statement Regarding Forward-Looking Information<\/b>\n <\/p>\n

This\u00a0joint press\u00a0release of\u00a0FNB\u00a0and\u00a0UB Bancorp\u00a0contains\u00a0“forward-looking statements” within the\u00a0meaning\u00a0of\u00a0the\u00a0Private Securities\u00a0Litigation\u00a0Reform Act. These forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of FNB and UB Bancorp with respect to their planned merger, the strategic benefits and financial benefits of the merger, including the expected impact of the transaction on the combined company’s future financial performance (including anticipated accretion to earnings per share and other metrics) and the timing of the closing of the transaction.<\/p>\n

Forward-looking\u00a0statements\u00a0are\u00a0typically\u00a0identified by words\u00a0such as\u00a0“believe,”\u00a0“plan,” “expect,”\u00a0“anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “will,”\u00a0“should,” “project,” “goal,” and other\u00a0similar\u00a0words\u00a0and expressions. Forward-looking\u00a0statements\u00a0are subject to risks, uncertainties and assumptions which may change over time or as a result of unforeseen circumstances. Future events or circumstances may change expectations or outlook and may affect the nature of the assumptions, risks and uncertainties to which forward-looking statements are subject. The forward-looking statements in this press release pertain only to the date of this press release, and FNB and UB Bancorp disclaim any obligation to update or revise any forward-looking statements, except as required by law. Actual results or future events may differ, possibly materially, from those that are anticipated in these forward-looking statements. Accordingly, we caution against placing undue reliance on any forward-looking statements.<\/p>\n

Forward-looking statements contained in this press release are subject to, among others, the following risks, uncertainties and assumptions:<\/p>\n