F.N.B. Corp. (FNB) in Hermitage, Pa., strikes again.
The $12.4 billion-asset company agreed to buy BCSB Bancorp (BCSB) in Baltimore in a stock transaction valued at $79 million, or $23.77 a share. The acquisition is the company's third in less than eight months.
BCSB has $640 million in assets, $320 million in loans and $560 million in deposits. It also has 16 branches around Baltimore.
"This is a great opportunity to expand our existing presence in the Maryland market," Vincent Delie Jr., F.N.B.'s president and chief executive, said in a press release Friday. "Since entering the market earlier this year, I have been very pleased with our success in attracting experienced commercial bankers with well-established customer relationships."
F.N.B. first entered Maryland with its $51 million purchase of Annapolis Bancorp, which it announced last October and completed in April. Earlier this year, the company announced plans to buy PVF Capital (PVFC) to expand around Cleveland.
F.N.B. said it expects the acquisition to add to earnings per share in the first full year and neutral to its tangible book value per share. The acquisition is expected to close in the first quarter of next year.
Delie told analysts in April that he was open to more acquisitions, noting that the Baltimore area made sense for more expansion.
RBC Capital Markets was the financial advisor to F.N.B.; Reed Smith was its legal counsel. Sandler O'Neill advised BCSB, while Kilpatrick Townsend & Stockton served as legal counsel.