Boston, MA 06/17/2013 (wallstreetpr) – The share prices of BCSB Bancorp Inc. (NASDAQ:BCSB) had surged by 28.40 percent to close at $21.79 per share for the end of last trading session on Friday. The surge in share prices of the company had been attributed to the announcement of its acquisition by FNB Corp. The shares of the company had been trading in the range of $21.78 to $22.67 during the day, thereby pushing the share prices to touch new peaks. The shares of BCSB Bancorp Inc. (NASDAQ:BCSB) had thus adjusted their 52 week high price level to the new $22.67 per share and 52 week low price level of the company is at $12.83 per share.
The Hermitage based FNB Corp., the parent company of First National Bank of Pennsylvania had announced its plan to acquire the Baltimore based BCSB Bancorp Inc. (NASDAQ:BCSB) for an aggregate value of $79 million, as part of its expansion plan into new markets. This purchase of the parent company of Baltimore County Savings Bank in all stock transaction is expected to give an extended presence to FNB Corp in the Baltimore metro area.
BCSB Bancorp Inc. (NASDAQ:BCSB) presently holds $560 million in total deposits, $320 million in loans and 16 banking offices in the region. This acquisition deal is expected to close by the first quarter of 2014 after obtaining due approvals from the regulators and other approving authorities. BCSB Bancorp Inc. (NASDAQ:BCSB) is basically a community oriented financial services institution which provides financial services to the needs of individual consumers and businesses within its market area of Baltimore metro.
The shares of BCSB Bancorp Inc. (NASDAQ:BCSB) had surged in prices with heavy trading volumes after this acquisition plan was announced. The bank holding company had witnessed the trade of 435,646 shares on Friday, while the average trading volume is at 15,358 shares per day.
BCSB Bancorp Inc. (NASDAQ:BCSB) presently holds 3.19 million shares outstanding in the market with an institutional ownership of 39 percent of its holdings.
