FNB Corp. said Thursday the company had received regulatory approval to buy Baltimore-based BCSB Bancorp Inc.
The Office of the Comptroller of the Currency and the Office of the Commissioner of Financial Regulation of the Maryland Department of Labor, Licensing and Regulation, have each approved the proposal to merge the 16 greater Baltimore area branches of Baltimore County Savings Bank, the bank subsidiary of BCSB, into First National Bank of Pennsylvania, FNB’s bank subsidiary. The Federal Reserve Bank of Cleveland has granted FNB a waiver of its merger application requirements.
BCSB shareholders will vote on the proposed merger at a special meeting of its shareholders set for Jan. 29. The merger is expected to close Feb. 14.
The respective boards of BCSB Bancorp and FNB have previously approved the deal. As previously reported, shareholders of BCSB will get 2.08 shares of FNB common stock for each common share of BCSB stock. The exchange ratio is fixed and the transaction is expected to qualify as a tax-free exchange for shareholders of BCSB.
FNB Corp. is based in Hermitage and is best known locally for its First National Bank affiliate, also based in Hermitage. FNB’s stock closed Thursday at $12.30, unchanged from Wednesday’s closing price. The announcement was made after the stock market closed.