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F.N.B. Seeks to Raise $50 Million in Capital
HERMITAGE, Pa. -- F.N.B. Corp., parent of First National Bank of Pennsylvania, announced Monday it intends to raise $50 million in common equity and up to $100 million in perpetual preferred stock, “subject to market conditions.”
It is doing so as a “comprehensive capital action plan to proactively position F.N.B. for Basel III implementation,” the company said, which includes “the redemption of certain trust preferred securities, and to support future growth opportunities.” Basel III capital standards are higher than U.S. banking requirements.
A spokeswoman at F.N.B. said information on the price of the shares would be released today.
F.N.B. has 145.17 million shares outstanding and the 52-week range of its common shares has traded between $10.35 and $13.35.
The provider of financial services, which has $12.8 billion in assets, has filed a shelf registration statement, including a prospectus, and a preliminary prospectus supplement related to its offering with the U.S. Securities and Exchange Commission.
Through J.P. Morgan Securities LLC, Keefe Bruyette & Woods, A. Stiffel Co. and RBC Capital Markets LLC, F.N.B. has commenced an underwriting of the $50 million in common stock it seeks to raise. F.N.B. said it intends to grant the underwriters an option to purchase up to an additional 15% of the shares sold.
“A perpetual preferred stock offering may follow, depending on market conditions,” the company said.
Shares of F.N.B. closed at $12.99 Monday, down three cents from Friday’s close, on a volume of 427,855. Average daily volume is 764,564.
Copyright 2013 The Business Journal, Youngstown, Ohio.
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