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FNB and BCSB Bancorp merger receives regulatory approvals

FNB and BCSB Bancorp have received all required regulatory approvals for the proposed merger of both banking firms, which will strengthen their presence in the Baltimore metropolitan statistical area (MSA).

The Office of the Comptroller of the Currency and the Office of the Commissioner of Financial Regulation of the Maryland Department of Labor, Licensing and Regulation, have approved the merger of BCSB Bancorp’s subsidiary Baltimore County Savings Bank into FNB’s subsidiary First National Bank of Pennsylvania.

FNB president and CEO Vincent Delie said, "F.N.B.’s significant investments in experienced personnel and risk management systems enable us to maintain our core competency of merger integration."

FNB agreed to purchase BCSB Bancorp, in an all stock transaction valued at approximately $23.77 per share, or $79m, in June 2013.

Following completion of the acquisition, FNB will get an additional $640m in total assets, including $560m in total deposits, $320m in loans and 16 bank branches in the greater Baltimore, Maryland area.

RBC Capital Markets was hired to offer financial advice to FNB, and Sandler O’Neill + Partners served as financial advisor to BCSB Bancorp, and rendered a fairness opinion to the board of directors of BCSB Bancorp.

Reed Smith was appointed to act as legal counsel to FNB and Kilpatrick Townsend & Stockton was selected to serve as legal counsel to BCSB Bancorp.