FNB Welcomes New Customers in North Carolina
PITTSBURGH, Dec. 12,
2022 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB)
announced that it successfully completed its acquisition of
Greenville, North Carolina-based
UB Bancorp, including its wholly-owned banking subsidiary, Union
Bank (Union).
As a result of the acquisition of Union, FNB has nearly
$44 billion in total assets,
$29 billion in total loans and
$35 billion in total deposits on a
proforma basis. This merger further increases FNB's presence in
North Carolina, moving its
proforma deposit market share to ninth in the
state,1 and also adds low-cost granular deposits
which continue to be value accretive in the current economic
environment. Union customers now have access to FNB's enhanced
online and mobile banking technology, including its award-winning
mobile banking app and proprietary eStore®.
"The Union Bank acquisition leverages FNB's current investments
in the fast-growing North Carolina
markets which now have more than 110 FNB branches and over 300 ATMs
while also providing a favorable deposit mix," said Vincent J. Delie, Jr., Chairman, President and
Chief Executive Officer of F.N.B. Corporation. "We are excited to
welcome Union Bank's customers and introduce them to a more
expansive suite of products and services, such as Insurance, Wealth
Management, Private Banking, Treasury Management, Mortgage Banking
and Capital Markets and Debt Capital Markets capabilities."
Shares of Union common stock will no longer be traded through
OTCQX.
About F.N.B. Corporation
F.N.B. Corporation (NYSE:
FNB), headquartered in Pittsburgh,
Pennsylvania, is a diversified financial services company
operating in seven states and the District of Columbia. FNB's market coverage
spans several major metropolitan areas, including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High
Point) in North Carolina;
and Charleston, South Carolina.
The Company has total assets of nearly $43
billion and approximately 340 banking offices throughout
Pennsylvania, Ohio, Maryland, West
Virginia, North Carolina,
South Carolina, Washington, D.C. and Virginia.
FNB provides a full range of commercial banking, consumer
banking and wealth management solutions through its subsidiary
network, which is led by its largest affiliate, First National Bank
of Pennsylvania, founded in 1864.
Commercial banking solutions include corporate banking, small
business banking, investment real estate financing, government
banking, business credit, capital markets and lease financing. The
consumer banking segment provides a full line of consumer banking
products and services, including deposit products, mortgage
lending, consumer lending and a complete suite of mobile and online
banking services. FNB's wealth management services include asset
management, private banking and insurance.
The common stock of F.N.B. Corporation trades on the New York
Stock Exchange under the symbol "FNB" and is included in Standard
& Poor's MidCap 400 Index with the Global
Industry Classification Standard (GICS) Regional Banks
Sub-Industry Index. Customers, shareholders and investors can learn
more about this regional financial institution by visiting the
F.N.B. Corporation website at www.fnbcorporation.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This document may contain statements regarding
F.N.B. Corporation's outlook for earnings, revenues, expenses, tax
rates, capital and liquidity levels and ratios, asset quality
levels, financial position and other matters regarding or affecting
our current or future business and operations. These statements can
be considered "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve various assumptions, risks and
uncertainties which can change over time. Actual results or future
events may be different from those anticipated in our
forward-looking statements and may not align with historical
performance and events. As forward-looking statements involve
significant risks and uncertainties, caution should be exercised
against placing undue reliance upon such statements.
Forward-looking statements are typically identified by words such
as "believe," "plan," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "will," "should," "project," "goal," and
other similar words and expressions. We do not assume any duty to
update forward-looking statements, except as required by federal
securities laws.
FNB's forward-looking statements are subject to the following
principal risks and uncertainties:
- Our business, financial results and balance sheet values are
affected by business, economic and political circumstances,
including, but not limited to: (i) developments with respect to the
U.S. and global financial markets; (ii) actions by the Federal
Reserve Board, Federal Deposit Insurance Corporation, U.S. Treasury
Department, Office of the Comptroller of the Currency and other
governmental agencies, especially those that impact money supply,
market interest rates or otherwise affect business activities of
the financial services industry; (iii) a slowing of the U.S.
economy in general and regional and local economies within our
market area; (iv) inflation concerns; (v) the impacts of tariffs or
other trade policies of the U.S. or its global trading partners;
and (vi) the sociopolitical environment in the United States.
- Business and operating results affected by our ability to
identify and effectively manage risks inherent in our businesses,
including, where appropriate, through effective use of systems and
controls, third-party insurance, derivatives, and capital
management techniques, and to meet evolving regulatory capital and
liquidity standards.
- Competition can have an impact on customer acquisition, growth
and retention, and on credit spreads, deposit gathering and product
pricing, which can affect market share, loans, deposits and
revenues. Our ability to anticipate, react quickly and continue to
respond to technological changes and COVID-19 challenges can also
impact our ability to respond to customer needs and meet
competitive demands.
- Business and operating results can also be affected by
widespread natural and other disasters, pandemics, including the
impact of the COVID-19 pandemic crisis and post pandemic return to
normalcy, global events, including the Ukraine-Russia conflict, dislocations, including
shortages of labor, supply chain disruptions and shipping delays,
terrorist activities, system failures, security breaches,
significant political events, cyber attacks or international
hostilities through impacts on the economy and financial markets
generally, or on us or our counterparties specifically.
- Legal, regulatory and accounting developments could have an
impact on our ability to operate and grow our businesses, financial
condition, results of operations, competitive position, and
reputation. Reputational impacts could affect matters such as
business generation and retention, liquidity, funding, and the
ability to attract and retain talent. These developments could
include:
-
- Policies and priorities of the current U.S. presidential
administration, including legislative and regulatory reforms,
different approaches to supervisory or enforcement priorities,
changes affecting oversight of the financial services industry,
regulatory obligations or restrictions, application of consumer
protection interpretations, taxes, employee benefits, compensation
practices, pension, bankruptcy and other industry aspects, and
changes in accounting policies and principles.
- Changes to regulations or accounting standards governing bank
capital requirements, loan loss reserves and liquidity
standards.
- Changes in monetary and fiscal policies, including interest
rate policies and strategies of FOMC.
- Unfavorable resolution of legal proceedings or other claims and
regulatory and other governmental investigations or other
inquiries. These matters may result in monetary judgments or
settlements, enforcement actions or other remedies, including
fines, penalties, restitution or alterations in our business
practices, and in additional expenses and collateral costs, and may
cause reputational harm to FNB.
- Results of the regulatory examination and supervision process,
including our failure to satisfy requirements imposed by the
federal bank regulatory agencies or other governmental
agencies.
- Business and operating results are affected by our ability to
effectively identify and manage risks inherent in our businesses,
including, where appropriate, through effective use of policies,
processes systems and controls, third-party insurance, derivatives,
and capital and liquidity management techniques.
- The impact on our financial condition, results of operations,
financial disclosures and future business strategies related to the
impact on the allowance for credit losses due to changes in
forecasted macroeconomic conditions as a result of applying
the "current expected credit loss" accounting standard, or
CECL.
- A failure or disruption in or breach of our operational or
security systems or infrastructure, or those of third parties,
including as a result of cyber-attacks or campaigns.
- The continuing uncertainty regarding the duration of the
COVID-19 pandemic and the federal, state, and local regulatory and
governmental actions implemented in response to COVID-19 have
resulted in increased volatility of the financial markets and
national and local economic conditions, supply chain challenges,
rising inflationary pressures, increased levels of unemployment and
business failures, and the potential to have a material impact on,
among other things, our business, financial condition and
performance, results of operations, capital levels, liquidity, or
on our management, employees, customers and critical vendors and
suppliers. In view of the many unknowns associated with the
COVID-19 pandemic, our forward-looking statements continue to be
subject to various conditions that may be substantially different
in the future than what we are currently experiencing or expecting,
including, but not limited to, challenging headwinds for the U.S.
economy and labor market and the possible change in commercial and
consumer customer fundamentals, expectations and sentiments.
- We grow our business, in part, through acquisitions and new
strategic initiatives. Risks and uncertainties include those
presented by the nature of the business acquired and strategic
initiative, including in some cases those associated with our entry
into new businesses or new geographic or other markets and risks
resulting from our unfamiliarity with those new areas, as well as
risks and various uncertainties related to the acquisition
transactions themselves, regulatory issues, and the integration of
the acquired businesses into FNB after closing.
The risks identified here are not exclusive or the types of
risks FNB may confront and actual results may differ materially
from those expressed or implied as a result of these risks and
uncertainties, including, but not limited to, the risk factors and
other uncertainties described under Item 1A Risk Factors and the
Risk Management sections of our 2021 Annual Report on Form 10-K,
our subsequent 2022 Quarterly Reports on Form 10-Q (including the
risk factors and risk management discussions) and our other 2022
filings with the SEC, which are available on our corporate website
at
https://www.fnb-online.com/about-us/investor-information/reports-and-filings
or the SEC's website at www.sec.gov. More specifically, our
forward-looking statements may be subject to the evolving risks and
uncertainties related to the COVID-19 pandemic and its
macro-economic impact and the resulting governmental, business and
societal responses to it. We have included our web address as an
inactive textual reference only. Information on our website is not
part of our SEC filings.
______________________________
|
1 Excluding PacWest
Bancorp
|
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SOURCE F.N.B. Corporation