F.N.B. Corporation (NYSE: FNB) has received all regulatory clearances for its proposed merger with UB Bancorp (OTCQX: UBNC).
The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) have provided final clearance for the pending FNB-UB Bancorp merger as well as the merger of UB Bancorp's bank subsidiary, Union Bank, into FNB's bank subsidiary, First National Bank of Pennsylvania. UB Bancorp stockholders approved the proposed merger at a special meeting on September 21, 2022.
The proposed merger between FNB and UB Bancorp will further increase FNB's presence in North Carolina, where the combined organization will operate approximately 100 convenient locations and assume the eighth largest deposit market share position1. Following the proposed merger with UB Bancorp on a proforma basis, FNB will have approximately $43 billion in total assets, $35 billion in deposits and $29 billion in total loans.
The completion of the merger remains subject to the satisfaction of certain routine and customary closing conditions. The merger is expected to close and convert in December 2022.
As announced on June 1, 2022, UB Bancorp stockholders will be entitled to receive 1.61 shares of FNB common stock for each share of UB Bancorp common stock they own. The exchange ratio is fixed, and the transaction is expected to qualify as a tax-free exchange for UB Bancorp stockholders.