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FNB to acquire PVF Capital for $106.4m

US-based diversified financial conglomerate FNB Corporation has entered into a definitive merger agreement to purchase PVF Capital in an all stock transaction valued at nearly $106.4m.

The acquisition, for which the purchase priced has been fixed at $3.98 per share, will provide an additional $782m in total assets, $634m in total deposits, $600m in gross loans and 16 banking offices in the Greater Cleveland, Ohio, US.

Further it will boost the acquirer’s footprint in Cleveland with a deposit market share in the Cleveland, Ohio metropolitan statistical area.

As per terms of the agreement, for each common share of PVF Capital Corp, its shareholders will receive 0.3405 shares of FNB common stock.

Subject to satisfying customary closing conditions as well as receiving regulatory and PVF Capital’s shareholders approvals, the transaction is likely to complete during the third quarter of 2013.

Keefe, Bruyette & Woods and Sandler O’Neill + Partners served as financial advisor to FNB Corporation and PVF Capital Corp, respectively, while Reed Smith and Vorys, Sater, Seymour and Pease served as legal counsel.

Headquartered in Hermitage, Pennsylvania, the acquirer has $12bn in total assets and offers commercial and retail banking, leasing, wealth management, insurance, merchant banking and consumer finance services.