FNB Gets Regulatory OKs to Acquire Baltimore Bank
HERMITAGE, Pa. -- F.N.B. Corp., parent of First National Bank of Pennsylvania, has received the approvals of federal and state of Maryland regulators to acquire and integrate BCSB Bancorp Inc. into First National Bank.
F.N.B. made the announcement after markets closed Thursday.
The Office of the Comptroller of the Currency and Federal Reserve Bank of Cleveland plus the Office of the Commissioner of Financial Regulation of the Maryland Department of Labor, Licensing and Regulation approved F.N.B.’s intent to have its largest subsidiary acquire and integrate Baltimore County Savings Bank.
F.N.B. and BCSB announced the agreement June 14; the effective closing date is Feb. 14. Shareholders of BCSB meet Jan. 29 to vote on whether to accept F.N.B’s offer of 2.08 shares of its stock for each of theirs in what both sides believe should be a tax-free exchange.
Said the president and CEO of F.N.B. and First National Bank, Vincent J. Delie Jr., in a statement, “We are very pleased that the proposed merger with BCSB is going forward as planned. F.N.B.’s significant investments in experienced personnel and risk-management systems enable us to maintain our core competency of merger integration. We look forward to welcoming BCSB shareholders, customers and employees to F.N.B.”
Published by The Business Journal, Youngstown, Ohio.
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