F.N.B. Corporation received all regulatory clearances for its proposed merger with UB Bancorp.
The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) have provided final clearance for the pending FNB-UB Bancorp merger as well as the merger of UB Bancorp’s bank subsidiary, Union Bank, into FNB’s bank subsidiary, First National Bank of Pennsylvania. UB Bancorp stockholders approved the proposed merger at a special meeting on Sept. 21, 2022.
The proposed merger between FNB and UB Bancorp will further increase FNB’s presence in North Carolina, where the combined organization will operate approximately 100 convenient locations and assume the eighth largest deposit market share position (excluding PacWest Bancorp and Live Oak Bank). Following the proposed merger with UB Bancorp on a proforma basis, FNB will have approximately $43 billion in total assets, $35 billion in deposits and $29 billion in total loans.
The completion of the merger remains subject to the satisfaction of certain routine and customary closing conditions. The merger is expected to close and convert in December 2022.
