F.N.B. Corporation's Merger With Parkvale Financial Corporation Receives Regulatory Approvals
F.N.B. Corporation (NYSE: FNB) and Parkvale Financial Corporation (NASDAQ: PVSA) today announced the receipt of the regulatory approval from the Federal Reserve Bank of Cleveland for the proposed merger of F.N.B. Corporation and Parkvale Financial Corporation. Previously, the Office of the Comptroller of the Currency and the Pennsylvania Department of Banking approved the pending merger of Parkvale Bank, the wholly-owned subsidiary of Parkvale Financial Corporation into F.N.B. Corporation's subsidiary bank, First National Bank of Pennsylvania.
The Parkvale Financial Corporation shareholders will vote on the proposed merger at a special meeting of the shareholders scheduled for December 15, 2011.
Stephen J. Gurgovits, Chief Executive Officer of F.N.B. Corporation stated, "We are very pleased that the proposed merger with Parkvale Financial Corporation is progressing consistent with our expectations, and we continue to target a closing date of January 1, 2012. We look forward to welcoming Parkvale shareholders, customers and employees to F.N.B."
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