F.N.B. Approves $150M Repurchase of Common Stock
PITTSBURGH, Pa. – The board of directors for F.N.B. Corp. has approved a stock repurchase program for up to $150 million of common stock.
Repurchases are expected to be made through the end of 2020 and will be made at prevailing market prices or in privately negotiated transactions. They will be funded from available working capital.
“The Board of Director’s unanimous approval of this stock repurchase program demonstrates confidence in FNB’s business model, as well as our increased capital generation capabilities. In addition to our strong dividend, repurchasing stock underscores our commitment to further optimizing capital and enhancing shareholder value,” said F.N.B. President, CEO and chairman Vincent J. Delie Jr. in a statement.
F.N.B., the parent company of First National Bank of Pennsylvania, may end the buyback at any time.
With roughly 380 offices across Pennsylvania, Maryland, Ohio, North Carolina and South Carolina, F.N.B. has assets of $34 billion. In July, the bank reported second-quarter income of $93.2 million.
Copyright 2020 The Business Journal, Youngstown, Ohio.
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