PITTSBURGH, Pa. (WKBN) – F.N.B. Corporation announced it has received all regulatory clearances for its proposed merger with Howard Bancorp, Inc.
It gives way for the merger of Howard’s subsidiary, Howard Bank, into FNB’s bank subsidiary, First National Bank of Pennsylvania.
According to F.N.B., the merger allows the company to strengthen its presence in the Mid-Atlantic region, assuming the sixth-largest deposit share position in Baltimore, Maryland.
Headquartered in Baltimore City, Maryland, Howard Bank operates a general commercial banking business through its 13 branches located throughout the Greater Baltimore Metropolitan Area.
The completion of the merger remains subject to the satisfaction of certain routine and customary closing conditions and approval by Howard stockholders, who will vote on the proposed merger at a special meeting scheduled for November 9.
Howard stockholders will be entitled to receive 1.8 shares of F.N.B. common stock for each share of Howard common stock they own. The exchange ratio is fixed, and the transaction is expected to qualify as a tax-free exchange for Howard’s stockholders.