FNB Corp.'s CEO promises to be selective in acquiring other banks

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FNB Corp. will continue to be selective in its pursuit of more acquisitions, CEO Vincent Delie said Wednesday.

“We’ve turned down quite a few opportunities because they didn’t fit strategically,” he told analysts in a conference call.

FNB, the parent company of First National Bank of Pennsylvania, in recent months has snapped up three smaller institutions, extending its reach in Maryland and Ohio.

The bank is on track to complete a fourth acquisition — the previously announced takeover of Germantown, Md.-based OBA Bank — in mid-September, executives said Wednesday.

FNB recently announced it was changing its headquarters designation to Pittsburgh from Hermitage, reflecting its growth in recent years to become the third-biggest retail bank in the Pittsburgh region behind PNC and Citizens.

The change doesn’t involve moving any employees, the company has said, since top executives have been located at the bank’s regional headquarters campus on the North Shore for some time. FNB plans to maintain its operations center and support personnel in Hermitage.

The switch was aimed at raising the company’s visibility nationally and helping recruitment efforts, Mr. Delie told analysts.

His remarks followed the release of financial results for the second quarter after the market close Tuesday.

The bank reported profits rose 12 percent from a year earlier to $32.8 million from $29.2 million. Per-share earnings were flat due to more shares outstanding in the most recent period.

Shares added 27 cents Wednesday, or 2.18 percent, to close at $12.40.


Patricia Sabatini: psabatini@post-gazette.com or 412-263-3066. First Published July 23, 2014 12:00 AM

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