| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
F.N.B. Corporation (NYSE:FNB) announced it has received all regulatory clearances for its proposed merger with Howard Bancorp, Inc. (Howard) (NASDAQ:HBMD).
The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (OCC) and the Maryland Office of the Commissioner of Financial Regulation have provided final clearance for the pending FNB-Howard merger as well as the merger of Howard's bank subsidiary, Howard Bank, into FNB's bank subsidiary, First National Bank of Pennsylvania.
The merger between FNB and Howard will further strengthen FNB's presence in its Mid-Atlantic Region, with the combined organization projected to assume the sixth largest deposit share position in Baltimore, MD. FNB continues to expect the merger to be 4 percent accretive to earnings per share with fully phased-in cost savings on a GAAP basis and expects the merger to enhance FNB's profitability metrics. Additionally, FNB anticipates the tangible book value per common share impact to be minimal and expects the CET1 ratio to remain unchanged on a pro forma basis at closing.
The completion of the merger remains subject to the satisfaction of certain routine and customary closing conditions and approval by Howard stockholders, who will vote on the proposed merger at a special meeting scheduled for November 9, 2021.
The respective Boards of Directors of Howard and FNB have previously approved the agreement and Plan of Merger between FNB and Howard. As announced on July 13, 2021, Howard stockholders will be entitled to receive 1.8 shares of FNB common stock for each share of Howard common stock they own. The exchange ratio is fixed, and the transaction is expected to qualify as a tax-free exchange for Howard's stockholders.
