F.N.B. Corporation (NYSE: FNB) has successfully completed its acquisition of Greenville, North Carolina-based UB Bancorp, including its wholly-owned banking subsidiary, Union Bank.
As a result of the acquisition of Union, FNB has nearly $44 billion in total assets, $29 billion in total loans and $35 billion in total deposits on a proforma basis. This merger further increases FNB's presence in North Carolina, moving its proforma deposit market share to ninth in the state,1 and also adds low-cost granular deposits which continue to be value accretive in the current economic environment. Union customers now have access to FNB's enhanced online and mobile banking technology, including its award-winning mobile banking app and proprietary eStore®.
"The Union Bank acquisition leverages FNB's current investments in the fast-growing North Carolina markets which now have more than 110 FNB branches and over 300 ATMs while also providing a favorable deposit mix," said Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation. "We are excited to welcome Union Bank's customers and introduce them to a more expansive suite of products and services, such as Insurance, Wealth Management, Private Banking, Treasury Management, Mortgage Banking and Capital Markets and Debt Capital Markets capabilities."
Shares of Union common stock will no longer be traded through OTCQX.