UBNC - F.N.B. agrees to acquire UB Bancorp for $117M in stock

F.N.B. (NYSE:FNB) has agreed to acquire UB Bancorp (OTCQX:UBNC) in an all-stock transaction valued at $19.56 per share, or a total of ~$117M, a move that will bolster its presence in eastern and central North Carolina, the company said Wednesday. The acquisition is expected to increase FNB's proforma deposit market share to eighth in the state and add low-cost granular deposits, which will add to its value in a rising rate environment. Shares in UB Bancorp (OTCQX:UBNC), the holding company for Greenville, North Carolina-based Union Bank, are rising 3.8% in Wednesday premarket trading to $17.75. FNB (FNB) shares are rising 0.2%. As of March 31, 2022, Union Bank had ~$1.2B in total assets, $1.0B in total deposits, of which ~40% are non-interest bearing, and $0.7B in total loans and leases.  After the transaction FNB (FNB) will have ~$43B in total assets, $35B in deposits, and $28B in total loans. UB Bancorp (OTCQX:UBNC)

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F.N.B. agrees to acquire UB Bancorp for $117M in stock