F.N.B. Corp. (FNB) in Pittsburgh has invested in the first fund from a new small-business investment company.
The $12.6 billion-asset company introduced F.N.B. Capital Partners, a operation registered by the U.S. Small Business Administration. F.N.B. said Thursday that the business received its designation on Aug. 21, which allows it to receive leverage financing from the SBA.
F.N.B. Capital plans to provide mezzanine financing and invest in middle-market companies. The business will provide investments of up to $10 million for change-of-control transactions, recapitalizations, acquisitions and refinancing.
Its first fund has raised $175 million and will be managed Tecum Capital Management. F.N.B. Capital's principals include Stephen Gurgovits Jr., Matthew L.T. Harnett and Tyson Smith, who were former employees of the company's merchant banking unit. F.N.B. Capital's investors include affluent individuals, a pension fund and six regional banks.
The $1 billion-asset Farmers National Banc (FMNB) in Canfield, Ohio, confirmed its participation in a separate press release.
F.N.B. has been an aggressive acquirer in recent months, agreeing in June to buy BCSB Bancorp (BCSB) in Baltimore for $79 million. In February, it agreed to buy PVF Capital in Solon, Ohio, for $106 million.