PITTSBURGH -- F.N.B. Corp. and OBA Financial Services Inc. today announced the receipt of all required regulatory clearances for their proposed merger.
The Office of the Comptroller of the Currency has approved the merger of OBA Bank, the bank subsidiary of OBA Financial Services, based in Germantown, Md., into First National Bank of Pennsylvania, F.N.B.'s bank subsidiary. The Federal Reserve Bank of Cleveland also has granted F.N.B. a waiver of its merger application requirements.
OBA shareholders will vote on the proposed merger at a special meeting Aug. 21. The merger is expected to have an effective closing date of Sept. 19.
"We are very pleased to receive regulatory approval for our merger with OBA as planned," stated Vincent J. Delie, Jr., president and CEO of F.N.B., in a prepared statement. "FNB has a culture of regulatory compliance and strong risk management systems that enable our company to successfully integrate merger and acquisition opportunities. We look forward to serving OBA's clients, employees and shareholders."
As announced April 8, shareholders of OBA will be entitled to receive 1.781 shares of F.N.B. common stock for each common share of OBA.
F.N.B. has total assets of $15 billion and more than 280 banking offices throughout Pennsylvania, Ohio, West Virginia and Maryland.
OBA Bank operates six banking offices in Maryland.
SOURCE: F.N.B. Corp.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our twice-monthly print edition and to our free daily email headlines.