FNB to acquire Howard Bancorp in all-stock merger; exchange ratio 1.80, expected close early 2022

FNB CORP/PA/

Howard shareholders will receive 1.80 shares of FNB common stock per Howard share.
Merger expected to close in early 2022, subject to regulatory approvals and Howard stockholder vote.
Howard must pay FNB a termination fee of $15.0 million under certain conditions.
Howard Bank will merge into First National Bank of Pennsylvania after the Merger.
Certain Howard directors entered voting agreements to support the Merger.

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