April 8, 2014
/PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) and OBA Financial Services, Inc. (NASDAQ: OBAF) jointly announce the signing of a definitive merger agreement pursuant to which F.N.B. Corporation will acquire OBA Financial Services, Inc., the
-based holding company and parent of OBA Bank, in an all stock transaction valued at approximately
per share, or
in the aggregate, using the 20 day average closing stock price of F.N.B. Corporation as of
Monday April 7, 2014
The capital accretive transaction will further enhance F.N.B. Corporation's presence in
and expand the Company's footprint into the attractive Interstate 270 corridor. The acquisition is expected to add approximately 30 basis points to FNB's tangible common equity to tangible assets ratio at closing and provide FNB with an additional
in total assets,
in total deposits,
in loans and 6 banking locations. Inclusive of OBA Financial Services, Inc., F.N.B. Corporation will have
in deposits and 31 branch locations in
"This transaction presents an opportunity to add scale to our
region and efficiently provide capital that can be leveraged to support our future growth," said
Vincent J. Delie, Jr.
, President and Chief Executive Officer of F.N.B. Corporation. "Since entering the
market in 2013, we have built a solid presence and attracted strong regional leadership and an exceptional team of bankers. With this acquisition, we will continue to leverage our investments in the market and gain access to additional high-growth areas that will further strengthen our organic growth potential. We are pleased with our success in the
market and partnering with OBA Financial will add to our momentum."
Charles E. Weller
, President and Chief Executive Officer of OBA Financial Services, Inc., commented, "During our proud 162 year history, OBA has been committed to serving our clients and local communities. Through a consistent level of superior quality service, our dedicated staff has grown a loyal small business and retail customer base. We are very excited about joining the FNB team. We strongly believe that F.N.B. Corporation demonstrates a commitment to its clients, employees and local communities and has an outstanding record of shareholder value creation."
Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, shareholders of OBA Financial Services, Inc. will be entitled to receive 1.781 shares of F.N.B. Corporation common stock for each common share of OBA Financial Services, Inc. The exchange ratio is fixed and the transaction is expected to qualify as a tax-free exchange for shareholders of OBA Financial Services, Inc.