Annapolis Bancorp Inc., the parent company of BankAnnapolis, has agreed to be acquired by Pennsylvania-based F.N.B. Corp. in a deal valued at $51 million.
Under the deal announced Monday, F.N.B. will gain $437 million in assets and eight offices in Anne Arundel and Queen Anne's counties. Shareholders of the Maryland company will receive 1.143 shares of F.N.B. stock in exchange for each share of Annapolis Bancorp.
F.N.B. President and CEO Vincent J. Delie Jr. said in a statement that the acquisition was consistent with his company's expansion strategy. He also mentioned potential opportunities to expand in the greater Baltimore and Washington area.
F.N.B., based in Hermitage, Pa., has $11.8 billion in assets. Besides banks in its home state, F.N.B. also owns banks in Ohio and West Virginia and maintains consumer finance offices in Kentucky and Tennessee.Copyright © 2015, The Baltimore Sun