F.N.B. Corporation's Merger With Parkvale Financial Corporation Receives Regulatory Approvals

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Dec 12, 2011, 04:30 ET

HERMITAGE, Pa. and MONROEVILLE, Pa., Dec. 12, 2011 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) and Parkvale Financial Corporation (NASDAQ: PVSA) today announced the receipt of the regulatory approval from the Federal Reserve Bank of Cleveland for the proposed merger of F.N.B. Corporation and Parkvale Financial Corporation. Previously, the Office of the Comptroller of the Currency and the Pennsylvania Department of Banking approved the pending merger of Parkvale Bank, the wholly-owned subsidiary of Parkvale Financial Corporation into F.N.B. Corporation's subsidiary bank, First National Bank of Pennsylvania.

The Parkvale Financial Corporation shareholders will vote on the proposed merger at a special meeting of the shareholders scheduled for December 15, 2011.

Stephen J. Gurgovits, Chief Executive Officer of F.N.B. Corporation stated, "We are very pleased that the proposed merger with Parkvale Financial Corporation is progressing consistent with our expectations, and we continue to target a closing date of January 1, 2012. We look forward to welcoming Parkvale shareholders, customers and employees to F.N.B."

The respective Boards of Directors of Parkvale Financial Corporation and F.N.B. Corporation have previously approved the Agreement and Plan of Merger between F.N.B. Corporation and Parkvale Financial Corporation. Additionally, as announced on June 15, 2011, shareholders of Parkvale Financial Corporation will be entitled to receive 2.178 shares of F.N.B. Corporation common stock for each share of Parkvale Financial Corporation common stock. The exchange ratio is fixed and is expected to be a tax-free exchange for shareholders of Parkvale Financial Corporation.

ADDITIONAL INFORMATION ABOUT THE MERGER
In connection with the proposed merger between F.N.B. Corporation (FNB) and Parkvale Financial Corporation (Parkvale), FNB filed a registration statement (Registration Statement No. 333-177050) with the SEC, which includes the proxy statement of Parkvale, the prospectus of FNB and other documents relating to the merger. The Registration Statement was declared effective by the SEC on November 7, 2011.

SHAREHOLDERS OF PARKVALE FINANCIAL CORPORATION ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.

The proxy statement/prospectus and other relevant materials, and any other documents F.N.B. Corporation has filed with the SEC, may be obtained free of charge at the SEC's website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents F.N.B. Corporation has filed with the SEC by contacting James Orie, Chief Legal Officer, F.N.B. Corporation, One F.N.B. Boulevard, Hermitage, PA 16148, telephone: (724) 983-3317 and free copies of the documents Parkvale Financial Corporation has filed with the SEC, by contacting Gilbert A. Riazzi, Chief Financial Officer, 4220 William Penn Highway, Monroeville, PA 15146, telephone: (412) 373-4804.

F.N.B. Corporation, Parkvale Financial Corporation and their respective directors, executive officers and other members of their management and employees may be deemed to be participants in the solicitation of proxies from shareholders of Parkvale Financial Corporation in connection with the proposed merger. Information concerning such participants' ownership of Parkvale Financial Corporation common stock is set forth in the definitive proxy statement/prospectus relating to the merger which was filed by Parkvale Financial Corporation on November 7, 2011. This communication does not constitute an offer of any securities for sale.

About F.N.B. Corporation
F.N.B. Corporation, headquartered in Hermitage, PA, is a diversified financial services company with total assets of $9.95 billion. F.N.B. Corporation is a leading provider of commercial and retail banking, leasing, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, Regency Finance Company and F.N.B. Commercial Leasing. It also operates consumer finance offices in 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. Investor information is available on F.N.B. Corporation's Web site at www.fnbcorporation.com.

About Parkvale Financial Corporation
Parkvale Financial Corporation, headquartered in Monroeville, PA, conducts business in the greater Tri-State area through 47 full-service offices, with 40 offices in Allegheny, Beaver, Butler, Fayette, Washington and Westmoreland Counties of Pennsylvania, two branches in West Virginia and five branches in Ohio. With total assets of $1.8 billion at September 30, 2011, Parkvale was the eighth largest financial institution headquartered in the Pittsburgh metropolitan area and the eighth largest financial institution in western Pennsylvania.