F.N.B. Corp.’s board has authorized a stock repurchase program for the repurchase of up to an aggregate of $150 million of its common stock.
The repurchases will be made from time to time on the open market at prevailing market prices or in privately negotiated transactions. The purchases will be funded from available working capital. The repurchase program is expected to continue through the end of 2020.
There is no guarantee as to the exact number of shares that will be repurchased, and FNB may discontinue purchases at any time.
“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,” FNB and First National Bank Chairman, President and CEO Vincent J. Delie Jr. said, in a statement.