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Shares of Annapolis Rise 52% on News of F.N.B. Sale
HERMITAGE, Pa. – Shares of Annapolis Bancorp rose 52.13% Tuesday to close at $11.79 after it and F.N.B. Corp. announced Monday that the latter would acquire the former in an all-stock transaction valued at $51 million (READ STORY).
Shares of F.N.B., parent of First National Bank of Pennsylvania, closed at $10.71 Tuesday, up 3 cents, on a volume of 1,128,569.
Annapolis Bancorp, parent of BankAnnapolis, which trades 872 shares a day on average, saw its volume explode to 157,826.
After markets closed Monday, F.N.B. and Annapolis announced that F.N.B. would pay $12.09 a share (Friday’s closing price) for Annapolis stock, or exchange 1.143 shares of F.N.B. for each share of Annapolis.
BankAnnapolis, founded in 1988, has eight offices in and around the capital of Maryland and assets of $437 million.
Pending shareholder and regulatory approval, the parties anticipate completion of the transaction next April.
Copyright 2012 The Business Journal, Youngstown, Ohio.