Continuing its push into Florida, FNB Corp. of Hermitage, Pa., said it is planning to acquire Citizens Holding Co., Clearwater, Fla., for $40 million in stock.

FNB said it would exchange 1.515 shares of stock for each share of Citizens stock. Citizens, the $116 million-asset parent of Citizens Bank and Trust, would merge with FNB's First National Bank of Florida. The deal, expected to close in the third quarter, is valued at 3.26 times Citizens' book value and would boost FNB's Florida assets to $1.3 billion and its overall assets to $3 billion.

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