F.N.B. Corporation is the holding company for First National Bank of Pennsylvania, which serves consumers and small to midsized businesses though more than 260 bank branches in Pennsylvania and northeastern Ohio. The company also has more than 50 consumer finance offices operating as Regency Finance in those states, as well as Tennessee and Kentucky. In addition to community banking and consumer finance, F.N.B. also has segments devoted to insurance and wealth management. It also offers leasing and merchant banking services. F.N.B. strengthened its presence in the Pittsburgh metropolitan area in 2012 through the some $130 million acquisition of Parkvale Financial, which operated nearly 50 bank branches.
F.N.B. has agreed to acquire Annapolis Bancorp, the parent company of BankAnnapolis, in an all-stock transaction valued at about $51 million. The deal is expected to close in April 2013.
F.N.B., which moved its headquarters from Pennsylvania to Florida in 2001, spun off First National Bankshares of Florida at the start of 2004 and returned to the Pittsburgh area. F.N.B. still operates two loan offices in Florida, but these primarily manage the company's legacy loan portfolio there.
The bank is again rooted firmly in the Keystone State and bordering markets. After returning, it expanded via several acquisitions prior to the Parkvale deal, including bank holding companies NSD Bancorp, Slippery Rock Financial, North East Bancshares, Omega Financial, and Iron and Glass Bancorp. In 2011 F.N.B. expanded in northeastern Pennsylvania through the acquisition of Comm Bancorp. The deal, valued at some $70 million, brought in 15 branches.
F.N.B has remained profitable since the credit crisis and broader economic turmoil took hold in 2007, and its revenues and net income increased each of the last two years. The company did experience elevated levels of charge-offs and nonperforming loans, mainly due to restructured home loans in Pennsylvania and its real estate portfolio in Florida, but those numbers stabilized during 2011. Commercial loans, including mortgages, account for more than half of the company's loan portfolio. – less