Shareholders OK Merger of FNB Corp., Metro Bancorp
PITTSBURGH – At special meetings here and in Harrisburg Thursday, shareholders of F.N.B. Corp. and Metro Bancorp approved the merger of the two companies, the bank holding companies announced Thursday.
With those votes counted and all regulatory approvals received, the merger should close Feb. 12, they said.
At the F.N.B. meeting, 98% said yes, a spokeswoman said.
F.N.B., with assets of $19.8 billion, is the parent of First National Bank of Pennsylvania. Metro, parent of Metro Bank, reported assets of $2.996 billion at Sept. 30.
The 32 offices of Metro Bank in Berks, Cumberland, Dauphin, Lancaster, Lebanon and York counties in Pennsylvania will be integrated into the First National Bank system of more than 300 offices across Pennsylvania, eastern Ohio, northern West Virginia and Maryland.
When the all-stock agreement was announced Aug. 4, F.N.B. said Metro shareholders would receive 2.373 F.N.B. common shares for each of theirs in a tax-free exchange.
At close of business yesterday, that would come to $28.59 for each share of Metro, F.N.B. closing at $12.05, up 19 cents. Metro closed at $28.49, up 47 cents.
Pictured: F.N.B. headquarters on Pittsburgh’s North Shore.
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