Parkvale Financial has completed its merger with FNB in a move to bring value to its shareholders as well as provide its customers with additional products and services offered by FNB.
According to the merger agreement, the financial corporation’s separate corporate existence will be closed and FNB will continue its operations as the surviving corporation.
Each share of Parkvale Financial common stock will be converted into and become exchangeable to receive 2.178 shares of FNB common stock in accordance with the merger agreement.
Parkvale Financial Corporation operates as a holding company for Parkvale Savings Bank that provides various consumer and commercial banking services with 47 offices in the Tri-State area.
As of 30 September 2011, Parkvale had assets worth $1.8bn. FNB provides various financial services to consumers and small to medium-sized businesses.