FNB Corp to buy Annapolis Bancorp for $49 mln in stock
Oct 22 (Reuters) - Bank holding company F.N.B. Corp agreed to buy Annapolis Bancorp Inc, the parent of BankAnnapolis, in an all-stock deal valued at $49 million to tap the Maryland market.
F.N.B. said it will offer 1.143 of its shares for each Annapolis share, valuing Annapolis at $12.21 per share -- a 58 percent premium to its Monday closing price of $7.75.
The deal, which is expected to close in April, will provide F.N.B $437 million in total assets, including $343 million in total deposits and $297 million in loans.
BankAnnapolis operates as a full-service commercial bank from its headquarters in Annapolis, its seven branches in Anne Arundel County and one branch located on Kent Island in Queen Anne's County in Maryland.
"The favorable demographics and long-term growth potential of Annapolis Bancorp's core markets, as well as additional opportunities in the greater Baltimore and Washington D.C. areas, provide a compelling platform to leverage our successful business model," F.N.B. Chief Executive Vincent J. Delie said in a statement.
The deal is expected to slightly add to F.N.B's earnings per share in the first full year following the acquisition.
RBC Capital Markets was the financial adviser to F.N.B. and Sandler O'Neill Partners advised Annapolis Bancorp.
Separately, F.N.B. also reported a 29 percent rise in its third-quarter profit, narrowly beating analysts' estimates.
Shares of F.N.B. closed at $10.68 on the New York Stock Exchange.
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