HERMITAGE - F.N.B. Corp., parent company of First National Bank of Pennsylvania, and Annapolis Bancorp, Inc., of Maryland announced this week they have reached a merger agreement in an all-stock transaction.
F.N.B. will acquire Annapolis Bancorp, the parent of BankAnnapolis. The stock transaction is valued at $12.09 a share, or $51 million. The acquistion will provide F.N.B. with $437 million in total assets, including total deposits, loans and eight banking offices, according to information released by F.N.B. Corp.
The transaction will create a four-state banking presence for F.N.B. Corp., with $12.2 billion in assets.
The announcement came the same day F.N.B. reported third-quarter earnings that included net income of $30.7 million, or 22 cents per share. That compares to net income for the same quarter last year of $23.8 million or 19 cents per share.
Bank president and CEO Vincent J. Delie described the third quarter as "another very positive quarter highlighted by our ability to deliver consistent, strong operating results.''
The bank's board of directors declared a quarterly cash dividend of 12 cents per share on F.N.B. Corp.'s common stock. The dividend is payable Dec. 15 to shareholders.