Pennsylvania's FNB Corp. said last week that it is planning to acquire Seminole (Fla.) Bank for about $29 million in stock and will merge it into a Florida subsidiary.

FNB, with assets of about $2.8 billion, has agreed to exchange 1.457 share of its stock for each share of Seminole stock. The Hermitage, Pa., company would then merge $94 million-asset Seminole with $100 million-asset Indian Rocks National Bank in Largo, Fla.

FNB operates nine community banks with 106 branches in four states. Its acquisition of Seminole is expected to close in the second quarter.

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