PITTSBURGH (AP) - Shareholders have approved Pittsburgh-based FNB Corp.'s acquisition of Metro Bancorp.
PITTSBURGH (AP) — Shareholders have approved Pittsburgh-based FNB Corp.'s acquisition of Metro Bancorp.
Thursday's votes by shareholders of both parent companies means the parent company of First National Bank will merge with the Harrisburg-based parent of Metro Bank. The deal is expected to formally close Feb. 12.
Under the deal, First National Bank is acquiring Metro Bank's 32 branches, making FNB the largest regional banking chain in Pennsylvania.
The all-stock transaction is valued at $474 million. Metro Bancorp shareholders will receive roughly 2 1/3 shares of FNB stock for every share of Metro stock they own.
The merger will give First National Bank assets of $19.8 billion with more than 300 offices in Pennsylvania, Maryland, Ohio and West Virginia.