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F.N.B. Corp Announces Acquisition of PVF Capital Corp


Tuesday, 19 Feb 2013 09:00am EST 

F.N.B. Corp and PVF Capital Corp jointly announced the signing of a definitive merger agreement pursuant to which F.N.B. Corporation will acquire PVF Capital Corp., the Solon-based holding company and parent of Park View Federal Savings Bank, in an all stock transaction valued at approximately $3.98 per share, or $106.4 million in the aggregate using the 20-day trailing stock price of F.N.B. Corporation as of February 15, 2013. The acquisition of PVF Capital Corp. will provide F.N.B. Corporation with an additional $782 million in total assets, $634 million in total deposits, $600 million in gross loans and 16 banking offices in the Greater Cleveland, Ohio area. As a result of the transaction, Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, shareholders of PVF Capital Corp. will be entitled to receive 0.3405 shares of F.N.B. Corporation common stock for each common share of PVF Capital Corp. expect to complete the transaction in the third quarter of 2013. Keefe, Bruyette & Woods, Inc. acted as financial advisor to F.N.B. Corporation, and Sandler O'Neill + Partners, L.P. acted as financial advisor to PVF Capital Corp. and rendered a fairness opinion to the Board of Directors of PVF Capital Corp. in conjunction with this transaction. Reed Smith LLP served as legal counsel to F.N.B. Corporation and Vorys, Sater, Seymour and Pease LLP served as legal counsel to PVF Capital Corp. 

Company Quote

12.71
-0.06 -0.47%
19 Sep 2014