F.N.B. Corp. announced Friday it plans to acquire BCSB Bancorp, the parent of Baltimore County Savings Bank, in a stock swap valued at about $79 million.
BCSB's share price jumped $4.82 after the announcement on Friday to close at $21.79. F.N.B.'s stock fell 34 cents to $11.09 per share.
With this acquisition, F.N.B. will gain $640 million in assets and 16 banking offices across Baltimore, Harford and Howard counties. F.N.B., based in Hermitage, Pa., has $12.4 billion in assets and more than 250 branches in Ohio, Pennsylvania, Maryland and West Virginia.
F.N.B. entered the Maryland market earlier this year with the acquisition of Annapolis Bancorp in Anne Arundel County. With BCSB, the Pennsylvania company will have nearly $1 billion in deposits in the Baltimore area, making it one of the region's 10 largest institutions based on deposits, the company said.
"In the span of twelve months, F.N.B. has achieved a top deposit market share position in another one of the nation's 25 largest [metropolitan statistical areas]," said Vincent J. Delie Jr., F.N.B.'s president and CEO.
F.N.B. and BCSB have no branch overlap. Delie said it's too early to talk about the impact of the deal on BCSB employees, but any of those affected because of redundancies would be able to apply for other jobs at F.N.B.
Under the terms of the deal, BCSB stockholders will receive 2.08 shares of F.N.B. common stock for each of their shares. The acquisition, subject to the approval of regulators and BCSB shareholders, is expected to close early next year.Copyright © 2014, The Baltimore Sun