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F.N.B.
Corporation
FNB and PVF Capital Corp.
PVFC jointly announce
the signing of a definitive merger agreement pursuant to which F.N.B.
Corporation will acquire PVF Capital Corp., the Solon-based holding company
and parent of Park View Federal Savings Bank, in an all stock transaction
valued at approximately $3.98 per share, or $106.4 million in the aggregate
using the 20-day trailing stock price of F.N.B. Corporation as of Friday,
February 15, 2013.
The acquisition of PVF Capital Corp. will provide F.N.B. Corporation with an
additional $782 million in total assets, $634 million in total deposits, $600
million in gross loans and 16 banking offices in the Greater Cleveland, Ohio
area. As a result of the transaction, F.N.B. Corporation will expand its
Cleveland presence and have a top fifteen deposit market share in the
Cleveland, Ohio metropolitan statistical area.
Under the terms of the merger agreement, which has been approved by the boards
of directors of both companies, shareholders of PVF Capital Corp. will be
entitled to receive 0.3405 shares of F.N.B. Corporation common stock for each
common share of PVF Capital Corp. The exchange ratio is fixed and the
transaction is expected to qualify as a tax-free exchange for shareholders of
PVF Capital Corp.
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