F.N.B. Corporation Sells Pooled Trust Preferred Portfolio at Gain
HERMITAGE, Pa., March 10, 2014
HERMITAGE, Pa., March 10, 2014 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB)
today announced that it executed a balance sheet strategy to sell its entire
portfolio of pooled trust preferred securities (TPS) with net proceeds of
$51.6 million and a resulting pre-tax gain of $13.8 million. FNB expects to
utilize a portion of the gain to sell certain low-yielding securities to
enhance future net interest income.
The TPS portfolio consisted of twenty-three pooled securities, with a current
amortized cost of $37.8 million and a fair value at December 31, 2013 of $31.6
million. Of the twenty-three pools sold, one was determined to be a
disallowed investment under the Volcker Rule.
Exclusive of the net gain, these actions are expected to be neutral to
operating earnings in 2014 and generate a slight benefit to FNB's overall
financial position, including its capital levels.
About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Hermitage, Pennsylvania, is a
regional diversified financial services company operating in six states and
three major metropolitan areas including Pittsburgh, PA, where it holds the
number three retail deposit market share, Baltimore, MD and Cleveland, OH.
Following the completed BCSB Bancorp, Inc. acquisition, the Company has total
assets of $14.2 billion and more than 280 banking offices throughout
Pennsylvania, Ohio, West Virginia and Maryland. F.N.B. provides a full range
of commercial banking, consumer banking and wealth management solutions
through its subsidiary network which is led by its largest affiliate, First
National Bank of Pennsylvania. Commercial banking solutions include corporate
banking, small business banking, investment real estate financing, business
credit, capital markets and lease financing. The consumer banking segment
provides a full line of consumer banking products and services including
deposit products, mortgage lending, consumer lending and a complete suite of
mobile and online banking services. F.N.B.'s wealth management services
include asset management, private banking and insurance. The Company also
operates Regency Finance Company, which has more than 70 consumer finance
offices in Pennsylvania, Ohio, Kentucky and Tennessee.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange
under the symbol "FNB" and is included in Standard & Poor's SmallCap 600 Index
with the Global Industry Classification Standard (GICS) Regional Banks
Sub-Industry Index. Customers, shareholders and investors can learn more about
this regional financial institution by visiting the F.N.B. Corporation web
site at www.fnbcorporation.com.
SOURCE F.N.B. Corporation
Contact: Analyst/Institutional Investor Contact: Cynthia Christopher,
email@example.com, 724-983-3429, 330-507-8723 (cell); Media Contact:
Jennifer Reel, firstname.lastname@example.org, 724-983-4856, 724-699-6389 (cell)
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