HERMITAGE, Pa. and CLARKS SUMMIT, Pa., Dec. 3, 2010 /PRNewswire-FirstCall/ -- F.N.B.
Corporation (NYSE: FNB) and Comm Bancorp, Inc. (Nasdaq: CCBP) today
announced that the shareholders of Comm Bancorp, Inc. have approved
the Agreement and Plan of Merger between F.N.B. Corporation and
Comm Bancorp, Inc.
(Logo: http://photos.prnewswire.com/prnh/20020329/FBANLOGO )
As announced previously on August 9,
2010, shareholders of Comm Bancorp, Inc. will be entitled to
receive a fixed exchange ratio of 3.4545 shares of F.N.B.
Corporation common stock and $10.00
in cash for each share of Comm Bancorp, Inc.
F.N.B. Corporation and Comm Bancorp, Inc. expect the merger to
have an effective closing date of December
31, 2010, pending receipt of normal regulatory approvals and
the satisfaction of other closing conditions.
About F.N.B. Corporation
F.N.B. Corporation, headquartered in Hermitage, PA, is a diversified financial
services company with total assets of $9.0
billion as of September 30,
2010. F.N.B. Corporation is a leading provider of
commercial and retail banking, leasing, wealth management,
insurance, merchant banking and consumer finance services in
Pennsylvania and Ohio, where it owns and operates First
National Bank of Pennsylvania,
First National Trust Company, First National Investment Services
Company, LLC, F.N.B. Investment Advisors, Inc., First National
Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, Regency
Finance Company and F.N.B. Commercial Leasing. It also
operates consumer finance offices in Kentucky and Tennessee.
About Comm Bancorp, Inc.
Comm Bancorp, Inc., headquartered in Clarks Summit, PA, is a full-service financial
services company with total assets of $653
million as of September 30,
2010. Comm Bancorp, Inc. serves the Pennsylvania counties of Lackawanna, Luzerne, Monroe, Susquehanna, Wayne and Wyoming through Community Bank and Trust
Company's 15 community-banking offices and one loan production
office. Each office, interdependent with the community,
offers a comprehensive array of financial products and services to
individuals, businesses, not-for-profit organizations and
government entities. In addition, the company engages in commercial
leasing through Community Leasing Corporation and sells insurance
and asset management services through Comm Financial Services.
Forward-looking Statements
This joint press release of F.N.B. Corporation and Comm Bancorp,
Inc. and the reports F.N.B. Corporation and Comm Bancorp, Inc. file
with the Securities and Exchange Commission often contain
"forward-looking statements" relating to present or future trends
or factors affecting the banking industry and, specifically, the
financial operations, markets and products of F.N.B. Corporation
and Comm Bancorp, Inc. These forward-looking statements
involve certain risks and uncertainties. There are a number
of important factors that could cause F.N.B. Corporation's and Comm
Bancorp, Inc.'s future results to differ materially from historical
performance or projected performance. These factors include,
but are not limited to: (1) a significant increase in competitive
pressures among financial institutions; (2) changes in the interest
rate environment that may reduce net interest margins; (3) changes
in prepayment speeds, loan sale volumes, charge-offs and loan loss
provisions; (4) general economic conditions; (5) various monetary
and fiscal policies and regulations of the U.S. Government that may
adversely affect the businesses in which F.N.B. Corporation and
Comm Bancorp, Inc. are engaged; (6) technological issues which may
adversely affect F.N.B. Corporation's and Comm Bancorp, Inc.'s
financial operations or customers; (7) changes in the securities
markets; (8) risk factors mentioned in the reports and registration
statements F.N.B. Corporation and Comm Bancorp, Inc. file with the
Securities and Exchange Commission; (9) housing prices; (10) job
markets; (11) consumer confidence and spending habits or (12)
estimates of fair value of certain F.N.B. Corporation and Comm
Bancorp, Inc. assets and liabilities. F.N.B. Corporation and Comm
Bancorp, Inc. undertake no obligation to revise these
forward-looking statements or to reflect events or circumstances
after the date of this press release.
SOURCE F.N.B. Corporation