Boston, MA 04\/08\/2014 (wallstreetpr) –\u00a0OBA Financial Services Inc. (NASDAQ:OBAF)<\/b> and F.N.B Corp (NYSE:FNB)<\/b> have announced the signing of a merger agreement of Which F.N.B Corporation will acquire OBA Financial Services in an all-stock transaction valued at $94 million representing $23.56 per share. The acquisition price was decided after taking into consideration the 20 day average closing stock price of OBA Financial Services.<\/p>\n
Terms of the Merger <\/b><\/p>\n
The merger will see OBA Financial Services Inc. (NASDAQ:OBAF) shareholders being awarded 1.781 shares of F.N.B Corporation common stock, for each OBA Financial Service\u2019s share held. The exchange ratio having been approved by the board of directors of both companies is fixed and expected to qualify as tax free exchange.<\/p>\n
OBA Financial Services Inc. (NASDAQ:OBAF) expects the whole transaction to be officially finalized in the third quarter of this year after full satisfaction of all closing conditions as well as regulatory approvals. The transaction will also need to be approved by majority shareholders at OBA Financial Services. F.N.B Corporation had sought financial advice from RBC Capital markets, LLC with OBA Financial Services doing the same from Sterne Agee & Leach Inc.<\/p>\n
The transaction will enable F.N.B Corporation enhance its operation in Maryland as well as expand the company\u2019s footprint into a further 270 corridor. The acquisition is expected to add an additional 30 Basis points to F.N.B Corporation common equity to tangible assets. FNB should have an additional $390 million in total assets with 220 million in total deposits as well as $300 million in loans as result of the acquisition.<\/p>\n
\u00a0Reaction from Both Companies<\/b><\/p>\n
FNB presence in Maryland will be bolstered to 31 new branch location as well as a total of $1.2 billion in deposits. The acquisition of OBA Financial Services by FNB presents the latter with an opportunity to further scale its operation in Maryland as well as providing it with an additional capital that can be leveraged to support future growth.<\/p>\n
With the acquisition of OBA Financial Services Inc. (NASDAQ:OBAF), FNB has promised to continue building on its solid performance as a way of leveraging investments in the market. OBA Financial Services President and Chief executive officer Charles E. Weller also praised the move reiterating that the company in its 162 year of history has always strived to serve its clients with diligence and utmost respect.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 04\/08\/2014 (wallstreetpr) –\u00a0OBA Financial Services Inc. (NASDAQ:OBAF) and F.N.B Corp (NYSE:FNB) have announced the signing of a merger agreement of Which F.N.B Corporation […]<\/p>\n","protected":false},"author":32,"featured_media":19005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[1942],"tags":[2768,5937,2769,5936],"stock_ticker":[],"class_list":["post-18985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-f-n-b-corp-nysefnb","tag-nasdaqobaf","tag-nysefnb","tag-oba-financial-services-inc-nasdaqobaf","entry"],"acf":[],"yoast_head":"\n