NAPLES, Fla. - F.N.B. Corp. of Hermitage, Pa., has reached an agreement to acquire Citizens Community Bancorp of Marco Island, Fla., for $39.2 million.
The deal for $148 million-asset Citizens would be $3.7 billion-asset F.N.B.'s first bank acquisition in two years and would expand its banking presence to Marco Island, just 15 miles south of F.N.B.'s Florida headquarters in Naples.
The deal is expected to close in the first quarter.
Citizens' three Naples offices would adopt the name and charter of F.N.B.'s First National Bank. The Marco Island location would remain a Citizens Community Bank and would be run by Richard J. Storm, Citizens' president and chief executive officer.
F.N.B. also has several insurance acquisitions pending. On Friday the company said it would acquire Don Ostrowsky & Associates, a life and health insurer based in Cape Coral.