FNB - Why Howard Bancorp Shares Are Soaring Today
Shares of Howard Bancorp (NASDAQ: HBMD) jumped as much as 30% higher on Tuesday after the Maryland bank agreed to be acquired by F.N.B. (NYSE: FNB) . The deal values Howard at about $418 million, a substantial premium compared to the market's valuation of the bank a day ago.
Howard Bank operates 13 full-service branches in the Baltimore and greater Washington, D.C., area, with an emphasis on its namesake Howard County, Maryland. That's an affluent suburban area that banks are eager to serve, and Pittsburgh-based F.N.B. is paying up to gain share there.
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Why Howard Bancorp Shares Are Soaring Today