F.N.B. Corporation announced that it successfully completed its acquisition of Greenville, North Carolina-based UB Bancorp, including its wholly-owned banking subsidiary, Union Bank (Union).
As a result of the acquisition of Union, FNB has nearly $44 billion in total assets, $29 billion in total loans and $35 billion in total deposits on a proforma basis. This merger further increases FNB’s presence in North Carolina, moving its proforma deposit market share to ninth in the state,1 and also adds low-cost granular deposits which continue to be value accretive in the current economic environment. Union customers now have access to FNB’s enhanced online and mobile banking technology, including its award-winning mobile banking app and proprietary eStore®.
“The Union Bank acquisition leverages FNB’s current investments in the fast-growing North Carolina markets which now have more than 110 FNB branches and over 300 ATMs while also providing a favorable deposit mix,” said Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation. “We are excited to welcome Union Bank’s customers and introduce them to a more expansive suite of products and services, such as Insurance, Wealth Management, Private Banking, Treasury Management, Mortgage Banking and Capital Markets and Debt Capital Markets capabilities.”
Shares of Union common stock will no longer be traded through OTCQX.
About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB’s market coverage spans several major metropolitan areas, including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of nearly $43 billion and approximately 340 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.
FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network, which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB’s wealth management services include asset management, private banking and insurance.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol “FNB” and is included in Standard & Poor’s MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.
