PITTSBURGH — After four years, one of Pittsburgh’s biggest banks is buying again.
F.N.B. Corp. on Tuesday announced an agreement to acquire Baltimore-based Howard Bancorp Inc. in an all-stock transaction valued at $21.96 per share, or approximately $418 million. The deal adds 13 branches and builds Pittsburgh-based F.N.B.’s presence in the greater Washington, D.C., area, intensely competitive due to acquisitions over the past couple years.
The deal is expected to close in early 2022; it is F.N.B.’s (NYSE:FNB) fourth in Maryland and theoretically will position it to No. 6 by deposit market share in Baltimore, where Howard is based.