FNB Corporation

Last updated
FNB Corporation
Company type Public
NYSE:  FNB
S&P 400 Component [1]
Industry Banking
Financial services
Investment services
FoundedFebruary 4, 1864;160 years ago (1864-02-04)
Headquarters Pittsburgh, Pennsylvania, United States
Area served
 Ohio, Pennsylvania, Maryland, West Virginia, North Carolina, South Carolina, Virginia and Washington, D.C.
Key people
Vincent J. Delie, Jr.
(chairman, president and CEO)
Number of employees
More than 4,000
Website https://www.fnb-online.com/

FNB Corporation is a diversified financial services corporation based in Pittsburgh, Pennsylvania, and the holding company for its largest subsidiary, First National Bank. As of March 28, 2024, FNB has total assets of nearly $46 billion. [2] FNB's market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina with approximately 350 offices. The company has approximately 4,200 employees. [3]

Contents

History

First National Bank was founded in Mercer County, Pennsylvania in 1864 under the name The First National Bank of West Greenville and operated out of the house of then Bank President, Samuel P. Johnston, in Greenville, Pennsylvania. [4] The bank dropped "West" from its name in the 1880s after the town did the same.

The bank remained a fixture in Mercer County through World War I, the Great Depression and World War II. In 1946, bank assets totaled approximately $2 million and the bank was still housed in one office.

FNB Corporation branches, April 2015 Fnb footprint.png
FNB Corporation branches, April 2015

Across the next three decades, the bank continued to grow, and in 1974, FNB Corporation was established as a financial services holding company for a growing family of business entities which included the bank, under the name The First National Bank of Mercer County and with an asset size of $120 million, and Regency Finance Company.

Along with completing the acquisition of ten branch offices from First National Bank of Pennsylvania in July 1992, First National Bank of Mercer County acquired the name and formally changed its name to the current First National Bank of Pennsylvania. Around this time, the First National Bank of Western Pennsylvania in nearby New Castle changed its name to First Western Bank to avoid confusion; that bank is now part of Huntington Bancshares after several other mergers.

As of 2003, the company had grown to assets of $4.6 billion with more than 125 banking offices and began trading common shares on the New York Stock Exchange under the ticker symbol "FNB." [5] Today, it is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index.

Current Chief Executive Officer Vincent J. Delie, Jr., joined the bank in 2005 as president of the Pittsburgh Region. Since then, the company has shown tremendous growth, both organically and through a series of major mergers. [6]

As of 2017, FNB is the second largest bank based in Pennsylvania measured by assets. [7]

Facilities

In July 2014, FNB announced that Pittsburgh had officially been named the corporation's headquarters. [8] FNB's growth in Pittsburgh has expanded from a single banking office in 1997 to nearly 100 locations and a top three retail deposit market share today. [9]

In May 2017, FNB announced its regional headquarters would locate in a 22-story building in Raleigh to be called FNB Tower. Groundbreaking took place in December 2017, [10] and the building opened in December 2019. [11]

In March 2018, FNB announced it would anchor a 31-story tower in Charlotte to serve as its regional headquarters. The building was completed and opened in July 2021.[ citation needed ] [12]

In December 2019, FNB announced it would move its current corporate headquarters operation in the Pittsburgh North Shore to a new 26-story building in downtown Pittsburgh called FNB Financial Center. [13] FNB, the Pittsburgh Penguins, Clay Cove Capital and The Buccini/Pollin Group broke ground on the project on September 1, 2021. [14]

Acquisitions

FNB has acquired many other companies during its long life. Some recent examples are listed below: [15]

In 2012, FNB acquired Parkvale Savings Bank, which was based in Monroeville. [16] [17] [18]

In 2015, FNB acquired Metro Bank (formerly Commerce Bank) of Harrisburg.

In 2016, FNB agreed to a $1.4 billion deal with Yadkin Financial of Raleigh, North Carolina, [19] [20] the largest deal in the company's history, giving FNB 98 branches in North Carolina. [21] The merger was completed on March 11, 2017. [22]

In 2021, it acquired Howard Bancorp (Howard Bank) of Maryland, and the acquisition was completed on January 22, 2022. [23]

In June 2022, FNB announced the purchase of UB Bancorp of Greenville, North Carolina, with $1.2 billion in assets and 15 Union Bank branches, for stock valued at $117 million. [24] The deal was completed December 12. [25] [26]

Leadership

Vincent J. Delie, Jr., is chairman, president and CEO of FNB Corporation and First National Bank. [27] He joined FNB in 2005 as head of the Pittsburgh Region. Delie became a First National Bank Board member in 2009. In 2011, Delie became president of FNB Corporation and in 2012 he was additionally named chief executive officer and elected to the board of directors. Delie reassumed his role as president of First National Bank when John Williams retired from the position in 2015. [28]

FNB affiliates

FNB Corporation operates several financial services affiliates, including: [29]

Related Research Articles

<span class="mw-page-title-main">PNC Financial Services</span> Major bank based in Pittsburgh

The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. PNC Bank is on the list of largest banks in the United States by assets and is one of the largest banks by number of branches, deposits, and number of ATMs.

<span class="mw-page-title-main">Truist Financial</span> Banking company in the U.S.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., offering consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of August 2023, it is the 9th largest bank with $514 billion in assets. As of January 2021, Truist Insurance Holdings is the seventh largest insurance broker in the world, with $2.27 billion in annual revenue.

<span class="mw-page-title-main">First National Bank Field</span>

First National Bank Field is a Minor League Baseball park located in downtown Greensboro, North Carolina. The home of the Greensboro Grasshoppers of the High-A East, it opened on April 3, 2005. The park is on the block bounded by Bellemeade, Edgeworth, Smith, and Eugene Streets.

First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.

<span class="mw-page-title-main">First Union</span> Defunct banking company

First Union Corporation was a bank holding company that provided commercial and retail banking services in eleven states in the eastern U.S. First Union also provided various other financial services, including mortgage banking, credit card, investment banking, investment advisory, home equity lending, asset-based lending, leasing, insurance, international and securities brokerage services and private equity through First Union Capital Partners, and through other subsidiaries.

Yadkin Financial Corporation was a bank holding company and the parent of Yadkin Bank, a defunct regional bank with $7.3 billion in assets and 110 branches in North and South Carolina before the 2017 purchase by FNB Corporation of Pittsburgh. The bank was headquartered in Elkin, North Carolina.

First Niagara Bank was a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in Buffalo, New York. Its parent company, First Niagara Financial Group, Inc. was the 44th-largest bank in the United States with assets of over $37.1 billion as of June 30, 2013.

<span class="mw-page-title-main">First Citizens BancShares</span> American financial services company

First Citizens Bancshares, Inc. is a bank holding company based in Raleigh, North Carolina. Its primary subsidiary is First Citizens Bank, which operates over 500 branches in 23 states and is one of the largest banks in the United States.

<span class="mw-page-title-main">First Bancorp</span> American bank based in North Carolina

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. It operates as First Bank in North and South Carolina. In North Carolina, the company has 94 branches, assets totaling $4.3 billion and deposits of $3.4 billion as of early 2017. First Bancorp has 118 branches and about $12 billion in assets as of January 2023.

<span class="mw-page-title-main">NewBridge Bank</span> Defunct American bank

NewBridge Bank was a banking company based in Greensboro, North Carolina, with locations in North Carolina and Virginia. It no longer operates under that name. The company formed from the merger of Lexington State Bank and FNB Southeast in November 2007. NewBridge Bank was the banking subsidiary of NewBridge Bancorp. NewBridge Bank had 44 branches, total assets of about $2.7 billion and total deposits of about $2 billion. Its branches were mainly centered on the North Carolina regions of the Piedmont Triad and the Lower Cape Fear.

<span class="mw-page-title-main">United Community Bank</span> Bank holding company

United Community Banks, Inc. is an American bank. United is one of the largest full-service financial institutions in the Southeast, with $25.9 billion in assets, and 161 offices in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.

The National City acquisition by PNC was the deal by PNC Financial Services to acquire National City Corp. on October 24, 2008 following National City's untenable loan losses during the subprime mortgage crisis. The deal received much controversy due to PNC using TARP funds to buy National City only hours after accepting the funds while National City itself was denied funds, as well as civic pride for the city of Cleveland, Ohio, where National City was based.

<span class="mw-page-title-main">Capital Bank Financial</span> Former American bank

Capital Bank Financial Corporation was a bank holding company headquartered in Charlotte, North Carolina with $10 billion in assets as of first quarter 2017 and 193 branches. Former Bank of America vice chairman Gene Taylor was chief executive, former Bank of America executive and Fifth Third Bank CFO, Chris Marshall was CFO and former Bank of America executive, R. Bruce Singletary was Chief Risk Officer. Former Morgan Stanley specialty finance research analyst, Kenneth Posner, managed corporate strategy and investor relations. North American Financial Holdings (NAFH) original purpose was to take over banks that had difficulties due to the financial crisis of 2007–2010. The company's main interest was banks in the Carolinas and Florida, but in 2011, NAFH moved into Tennessee and Virginia. Despite buying seven distressed, money losing banks, NAFH's Capital Bank was consistently profitable during the duration of its existence and consistently posted improved returns for each of its five years of operations. Capital Bank completed a successful IPO in September 2012, and used to trade on the NASDAQ under the ticker CBF until its acquisition by First Horizon National Corporation in December 2017.

National Bank of Commerce was a bank headquartered in Memphis, Tennessee until it was taken over by SunTrust Banks in 2005.

CommunityOne Bank was a bank headquartered in Charlotte, North Carolina. In 2016, it was acquired by Capital Bank Financial.

Southern National Bank was a bank headquartered first in Lumberton, North Carolina and then in Winston-Salem, North Carolina. It joined with BB&T in 1995.

BNC Bank was a bank based in High Point, North Carolina, United States. In 2014 its parent company BNC Bancorp had $4.05 billion in assets, 38 branches in North Carolina and 13 in South Carolina. Its latest acquisition gave BNC $6.8 billion in assets and 87 branches, 48 in North Carolina, 29 in South Carolina nine in Virginia, and one in Haiti.

<span class="mw-page-title-main">First Community Bancshares</span> American bank holding company

First Community Bancshares, Inc. is a $2.43 billion bank holding company and the parent company of First Community Bank of Bluefield, Virginia in the United States. As of 2012 First Community Bank had 45 locations in Virginia, West Virginia, and North Carolina, and two locations operating as Peoples Community Bank in Tennessee. As of April 21, 2023 First Community had $3.6 billion in assets.

<span class="mw-page-title-main">SouthState Bank</span> American bank

SouthState Bank, based in Winter Haven, Florida, is an American bank based in Florida and a subsidiary of SouthState Corporation, a bank holding company. As of December 31, 2018, the company had 168 branches in South Carolina, North Carolina, Georgia, Florida, Alabama and Virginia.

<span class="mw-page-title-main">BB&T</span> U.S. bank merged with SunTrust Banks to form Truist Financial

BB&T Corporation was one of the largest banking and financial services firms in the United States, based in Winston-Salem, North Carolina. In 2019, BB&T announced its intentions to merge with Atlanta-based SunTrust Banks to form Truist Financial, which retains BB&T's stock price history and operates under BB&T's charter.

References

  1. ↑ "FNB Set to Join the S&P MidCap 400; Rent-A-Center, Surgical Care Affiliates to Join S&P SmallCap 600". Prnewswire.com. February 9, 2016. Retrieved 2016-12-23.
  2. ↑ "First National Bank". First National Bank. Retrieved 2024-04-19.
  3. ↑ "About Us | First National Bank". Fnb-online.com. Retrieved 2017-01-07.
  4. ↑ "First National Bank, Greenville, Mercer County, PA". Rootsweb.ancestry.com. Retrieved 2017-01-07.
  5. ↑ "NYSE". NYSE. Retrieved 2017-01-07.
  6. ↑ "General". Fnbcorporation.com. Archived from the original on 2015-03-22.
  7. ↑ "FNB climbs the ranks of Pennsylvania's biggest banks with latest deal". Bizjournals.com. Retrieved 2017-01-07.
  8. ↑ "General". Fnbcorporation.com. Retrieved 2017-01-07.
  9. ↑ "FNB's headquarters move more than symbolic". Bizjournals.com. Retrieved 2017-01-07.
  10. ↑ Ranii, David (May 23, 2017). "Raleigh is getting a new 22-story office tower". News & Observer . Retrieved May 23, 2017.
  11. ↑ Mildenberg, David (2019-12-05). "22-story FNB Tower opens, adding to downtown Raleigh's sparkle". Business North Carolina. Retrieved 2022-08-10.
  12. ↑ "Dominion Realty, New York Life Open 29-Story FNB Tower in Uptown Charlotte".
  13. ↑ "Groups enter into agreement to develop Pittsburgh office tower - Pennsylvania Business Report". 2021-01-13. Retrieved 2022-04-21.
  14. ↑ "Groundbreaking Held for FNB Financial Center and Lower Hill Redevelopment". NHL.com. Retrieved 2022-04-21.
  15. ↑ "Mergers & Acquisitions". First National Bank. Retrieved November 11, 2021.
  16. ↑ "F.N.B. To acquire Parkvale Savings Bank".
  17. ↑ "Parkvale Financial Corporation".
  18. ↑ "Search Institutions".
  19. ↑ Craver, Richard (July 21, 2016). "Yadkin Financial agrees to be sold to Pittsburgh bank for $1.4 billion". Winston-Salem Journal. Retrieved July 21, 2016.
  20. ↑ DeMuth Jr., Chris (21 July 2016). "M&A Target Pops Over 50% - What Next?". Seeking Alpha. Yadkin. Retrieved 21 July 2016.
  21. ↑ Craver, Richard (March 13, 2017). "FNB completes conversion of Yadkin Bank, NewBridge branches". Winston-Salem Journal . Retrieved March 22, 2017.
  22. ↑ "FNB completes Yadkin deal". Pittsburgh Business Times. Retrieved 2017-03-13.
  23. ↑ "F.N.B. Corporation Completes Merger with Howard Bancorp, Inc". www.fnb-online.com. Retrieved 2022-08-10.
  24. ↑ Craver, Richard (2022-06-01). "F.N.B. plans $117 million purchase of Greenville bank". Winston-Salem Journal .
  25. ↑ Craver, Richard (2022-12-12). "F.N.B. completes $117 million purchase of UB Bancorp". Winston-Salem Journal.
  26. ↑ First National Bank, Union Bank, Retrieved Dec. 16, 2022.
  27. ↑ "First National Bank". First National Bank. Archived from the original on 2017-07-01. Retrieved 2016-03-02.
  28. ↑ "First National Bank President John C. Williams, Jr., Announces Retirement". Prnewswire.com. Retrieved 2016-03-02.
  29. ↑ "Corporate Overview | First National Bank". Fnbcorporation.com. Retrieved 2017-01-07.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.