FNB acquires UB Bancorp for $117M all-stock; ~2% EPS accretive

FNB CORP/PA/

All-stock deal valued at $117M ($19.56/share); exchange ratio 1.61 FNB shares per UBNC share.
UB Bancorp has $1.2B assets, $1.0B deposits (40% NIB), $0.7B loans as of March 31, 2022.
Expected close late 2022; ~2% EPS accretive, <1% TBV dilution, ~2-year earnback, IRR >30%.
Pro forma FNB: ~$43B assets, ~$35B deposits; top-10 NC deposit share in 7 of 10 largest MSAs.
Management expects neutral CET1 impact; deal does not affect previously announced buyback.

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