FNB Corp. announced yet another acquisition Friday, this time one designed to bulk up the Hermitage bank's presence in the Baltimore metropolitan area where it had already acquired another small bank earlier this year.
The latest deal, in which FNB will acquire BCSB Bancorp Inc. in an all-stock transaction valued at $23.77 per share or about $79 million, marks its fourth in the past two years. Since June 2011, the parent of First National Bank of Pennsylvania has unveiled plans to absorb institutions in Pennsylvania, Ohio and Maryland.
FNB, the No. 3 bank in the Pittsburgh area based on deposits, said BCSB, the parent of Baltimore County Savings Bank, will bring an additional $640 million in total assets, including $560 million in deposits, $320 million in loans and 16 banking offices.
That -- added to operations that FNB picked up in April when it acquired Annapolis Bancorp, parent of BankAnnapolis -- will give the Pennsylvania bank just under $1 billion in total deposits and 24 branches in the Baltimore metro area, according to the company.
FNB has $12.4 billion in total assets and more than 250 bank offices in Pennsylvania, Ohio, West Virginia and Maryland.
The BCSB Bancorp deal is expected to close in the first quarter of 2014, pending approvals from shareholders and regulators. FNB's other recent moves include the purchase of Monroeville-based Parkvale Financial completed early in 2012 and an agreement to buy Park View Federal Savings Bank in Solon, Ohio, announced earlier this year.
In October, FNB president and CEO Vincent J. Delie Jr. had told analysts in an earnings conference call that he was looking for more acquisitions in Maryland, as well as Western Pennsylvania and in Ohio.
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