FNB Corp. to acquire Baltimore-based BCSB Bancorp Inc. for $79 million in stock

Share with others:

Print Email Read Later

FNB Corp., parent of First National Bank of Pennsylvania, is continuing to expand into new markets, with the announcement this morning that the Hermitage-based bank will acquire a Baltimore bank for about $79 million.

The purchase of BCSB Bancorp Inc., parent of Baltimore County Savings Bank, in an all-stock transaction will give FNB a stronger presence in the Baltimore metro area.

BCSB brings $560 million in total deposits, $320 million in loans and 16 banking offices, according to the official announcement.

The deal will bring FNB's presence in the Maryland market to just under $1 billion in pro-forma deposits and 24 branch locations. Earlier this year, it closed on the acquisition of Annapolis Bancorp in Annapolis, Md., another all-stock transaction that included eight BankAnnapolis offices.

FNB's other recent acquisitions include the purchase of Park View Federal Savings Bank in Solon, Ohio, and of Monroeville-based Parkvale Financial.

The BCSB Bancorp deal is expected to close in the first quarter of 2014 after receiving approvals from shareholders and regulators.

mobilehome - breaking - businessnews

Teresa F. Lindeman: tlindeman@post-gazette.com or 412-263-2018.

You have 2 remaining free articles this month

Try unlimited digital access

If you are an existing subscriber,
link your account for free access. Start here

You’ve reached the limit of free articles this month.

To continue unlimited reading

If you are an existing subscriber,
link your account for free access. Start here