HERMITAGE, Pa. and MONROEVILLE, Pa., Dec.
12, 2011 /PRNewswire/ -- 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."
The respective Boards of Directors of Parkvale Financial
Corporation and F.N.B. Corporation have previously approved the
Agreement and Plan of Merger between F.N.B. Corporation and
Parkvale Financial Corporation. Additionally, as announced on
June 15, 2011, shareholders of
Parkvale Financial Corporation will be entitled to receive 2.178
shares of F.N.B. Corporation common stock for each share of
Parkvale Financial Corporation common stock. The exchange
ratio is fixed and is expected to be a tax-free exchange for
shareholders of Parkvale Financial Corporation.
ADDITIONAL INFORMATION ABOUT THE MERGER
In connection with the proposed merger between F.N.B.
Corporation (FNB) and Parkvale Financial Corporation (Parkvale),
FNB filed a registration statement (Registration Statement No.
333-177050) with the SEC, which includes the proxy statement of
Parkvale, the prospectus of FNB and other documents relating to the
merger. The Registration Statement was declared effective by
the SEC on November 7, 2011.
SHAREHOLDERS OF PARKVALE FINANCIAL CORPORATION ARE ADVISED TO
READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT
INFORMATION.
The proxy statement/prospectus and other relevant materials, and
any other documents F.N.B. Corporation has filed with the SEC, may
be obtained free of charge at the SEC's website at www.sec.gov. In
addition, investors and security holders may obtain free copies of
the documents F.N.B. Corporation has filed with the SEC by
contacting James Orie, Chief Legal
Officer, F.N.B. Corporation, One F.N.B. Boulevard, Hermitage, PA 16148, telephone: (724) 983-3317
and free copies of the documents Parkvale Financial Corporation has
filed with the SEC, by contacting Gilbert
A. Riazzi, Chief Financial Officer, 4220 William Penn
Highway, Monroeville, PA 15146,
telephone: (412) 373-4804.
F.N.B. Corporation, Parkvale Financial Corporation and their
respective directors, executive officers and other members of their
management and employees may be deemed to be participants in the
solicitation of proxies from shareholders of Parkvale Financial
Corporation in connection with the proposed merger. Information
concerning such participants' ownership of Parkvale Financial
Corporation common stock is set forth in the definitive proxy
statement/prospectus relating to the merger which was filed by
Parkvale Financial Corporation on November
7, 2011. This communication does not constitute an
offer of any securities for sale.
About F.N.B. Corporation
F.N.B. Corporation, headquartered in Hermitage, PA, is a diversified financial
services company with total assets of $9.95
billion. F.N.B. Corporation is a leading provider of
commercial and retail banking, leasing, wealth management,
insurance, merchant banking and consumer finance services in
Pennsylvania and Ohio, where it owns and operates First
National Bank of Pennsylvania,
First National Trust Company, First National Investment Services
Company, LLC, F.N.B. Investment Advisors, Inc., First National
Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, Regency
Finance Company and F.N.B. Commercial Leasing. It also operates
consumer finance offices in Kentucky and Tennessee.
The common stock of F.N.B. Corporation trades on the New York
Stock Exchange under the symbol "FNB" and is included in Standard
& Poor's SmallCap 600 Index with the Global Industry
Classification Standard (GICS) Regional Banks Sub-Industry
Index. Investor information is available on F.N.B.
Corporation's Web site at www.fnbcorporation.com.
About Parkvale Financial Corporation
Parkvale Financial Corporation, headquartered in
Monroeville, PA, conducts business
in the greater Tri-State area through 47 full-service offices, with
40 offices in Allegheny,
Beaver, Butler, Fayette, Washington and Westmoreland Counties of Pennsylvania, two branches in West Virginia and five branches in Ohio.
With total assets of $1.8 billion at
September 30, 2011, Parkvale was the
eighth largest financial institution headquartered in the
Pittsburgh metropolitan area and
the eighth largest financial institution in western Pennsylvania.
SOURCE F.N.B. Corporation