F.N.B. to Buy Iron & Glass Bancorp in $86.1M Deal

F.N.B. Corp. signed a definitive agreement to acquire Iron & Glass Bancorp Inc., the Pittsburgh-based parent company of Iron & Glass Bank, for $86.1 million. Iron & Glass Bancorp shareholders will be entitled to receive $75 cash or five F.N.B. Corp. shares for each Iron & Glass Bancorp common share, subject to proration of 45% cash and 55% stock. F.N.B., Hermitage, Pa., said Friday it expects the transaction to be accretive to per-share earnings in the first full year of operation. At Sept. 30, 2007, Iron & Glass had $300.4 million in total assets, $244.4 million in total deposits and $38 million in shareholders' equity. The merger has been unanimously approved by the boards of both companies. F.N.B. expects the deal to be completed in the third quarter after the completion of regulatory approvals, Iron & Glass shareholder approval and the satisfaction of other closing conditions.