Oct 22 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
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