Howard Bancorp Surges On Decision To Be Bought By F.N.B Corp.
Shares of Howard Bancorp, Inc. (HBMD) are up more than 28% after the company announced its decision to be bought by F.N.B. Corporation (FNB), in an all-stock transaction valued at $21.96 per share or $418 million.
Howard, that operates 13 full-service banking offices in Baltimore and the greater Washington, D.C. area, had about $2.6 billion in total assets, $2 billion in total deposits and $1.9 billion in total loans and leases at March 31, 2021. FNB expects the acquisition to add 4% to its earnings.
“FNB and Howard share a deep cultural commitment to client and community service. Combined, we will have the sixth largest deposit share in the Baltimore market, reinforcing our strong presence and presenting our organizations with the opportunity to deliver an enhanced experience for our customers, communities and dedicated teams,” said Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation.
The transaction is expected to be completed in early 2022. HBMD touched a new high of $20.42 this morning. The stock is currently at $20.
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