F.N.B. Corporation completed its merger with Baltimore-based Howard Bancorp on Jan. 22. The customer and branch branding conversion is scheduled to be finalized on Feb. 7.
As a result of the merger with Howard Bancorp, F.N.B. has approximately $42 billion in total assets, $27 billion in total loans and $33 billion in total deposits. F.N.B. also has assumed the No. 6 retail deposit share for banks in the Baltimore metropolitan statistical area.
Upon completion of the system integration, all Howard Bancorp customers will have access to F.N.B.’s online and mobile banking technology, including its mobile banking app and proprietary eStore. F.N.B.’s new customers also will have access to a suite of products and services, including capital markets and debt capital markets capabilities, insurance, wealth management, private banking, treasury management and mortgage banking.
“The acquisition of Howard provides scale, financially and strategically, in the dynamic Mid-Atlantic market,” Vincent J. Delie Jr., chairman, president and CEO of F.N.B. Corporation, said. “We look forward to welcoming our new customers to an innovative experience, highlighted by comprehensive digital capabilities and a deep commitment to the clients, employees and communities we serve.”
Shares of Howard Bancorp common stock will no longer be traded on NASDAQ.
In July, F.N.B. Corporation and Howard Bancorp signed a definitive merger agreement for F.N.B. to acquire Howard, including its wholly-owned banking subsidiary, Howard Bank, in an all-stock transaction valued at $21.96 per share. Simultaneously with the parent company merger, Howard Bank will merge with and into F.N.B.’s subsidiary, First National Bank of Pennsylvania.
