HERMITAGE, Pa., and PITTSBURGH, July 31 /PRNewswire-FirstCall/ -- F.N.B.
Corporation (NYSE: FNB) and Iron and Glass Bancorp, Inc.
(OTC Bulletin Board: IRGB) today announced that the shareholders of Iron and
Glass Bancorp, Inc. have approved the Agreement and Plan of Merger between
Iron and Glass Bancorp, Inc. and F.N.B. Corporation.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020329/FBANLOGO )
As announced previously on February 15, 2008, shareholders of Iron and
Glass Bancorp, Inc. will be entitled to receive either $75.00 cash or five
shares of F.N.B. Corporation common stock for each share of Iron and Glass
Bancorp, Inc. common stock, subject to proration of 45% cash and 55% stock if
either cash or stock elections are oversubscribed.
The merger has been approved by all Federal regulatory authorities and the
pending state approval is expected prior to the anticipated closing date of
August 15, 2008.
Forward-looking Statements
Certain statements in this press release, including, without limitation,
statements as to the impact of the merger, statements as to F.N.B.
Corporation's, Iron and Glass Bancorp, Inc.'s, or their respective
management's beliefs, expectations or opinions, and all other statements in
this press release, other than historical facts, are forward-looking
statements, as such term is defined in the Securities Exchange Act of 1934,
which are intended to be covered by the safe harbor created thereby. Forward-
looking statements are subject to risks and uncertainties, are subject to
change at any time and may be affected by various factors that may cause
actual results to differ materially from the expected or planned results. In
addition to the factors discussed above, certain other factors, including,
without limitation, a significant increase in competitive pressures among
financial institutions; changes in the interest rate environment that may
reduce interest margins; changes in prepayment speeds, loan sale volumes,
charge-offs and loan loss provisions; less favorable than expected general or
local economic or political conditions; legislative or regulatory changes that
may adversely affect the businesses in which F.N.B. Corporation or Iron and
Glass Bancorp, Inc. are engaged; technological issues which may adversely
affect F.N.B. Corporation's or Iron and Glass Bancorp, Inc.'s financial
operations or customers; changes in the securities markets and other risks
detailed from time to time in F.N.B. Corporation's filings with the SEC that
can cause actual results and developments to be materially different from
those expressed or implied by such forward-looking statements. Due to such
risks and uncertainties, F.N.B. Corporation and Iron and Glass Bancorp, Inc.
may not be able to complete the proposed merger on the terms summarized above
or other acceptable terms, or at all, for any reason. F.N.B. Corporation and
Iron and Glass Bancorp, Inc. disclaim any intent or obligation to publicly
update or revise any forward-looking statements, regardless of whether new
information becomes available, future developments occur or otherwise.
About F.N.B. Corporation
F.N.B. Corporation, headquartered in Hermitage, PA, is a diversified
financial services company with total assets of $8.1 billion. F.N.B.
Corporation is a leading provider of commercial and retail banking, leasing,
wealth management, insurance, merchant banking and consumer finance services
in Pennsylvania and Ohio, where it owns and operates First National Bank of
Pennsylvania, First National Trust Company, First National Investment Services
Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance
Agency, LLC, F.N.B. Capital Corporation, LLC, Regency Finance Company and Bank
Capital Services. It also operates consumer finance offices in Tennessee and
loan production offices in Pennsylvania, Ohio, Tennessee and Florida.
Mergent Inc., a leading provider of business and financial information
about publicly traded companies, has recognized F.N.B. Corporation as a
Dividend Achiever. This annual recognition is based on the F.N.B.
Corporation's outstanding record of increased dividend performance. F.N.B.
Corporation has consistently increased dividend payments for 35 consecutive
years.
The common stock of F.N.B. Corporation trades on the New York Stock
Exchange under the symbol 'FNB'. Investor information is available on F.N.B.
Corporation's Web site at www.fnbcorporation.com .
About Iron and Glass Bancorp, Inc.
Iron and Glass Bancorp, Inc. was organized as the holding company of Iron
and Glass Bank, a state-chartered bank and member of the Federal Reserve Bank
of Cleveland. Both Iron and Glass Bancorp, Inc. and the bank itself are
supervised by the Board of Governors of the Federal Reserve System, with the
bank being further subject to regulation and supervision by the Pennsylvania
Department of Banking. Iron and Glass Bank, a full-service commercial bank
established in 1871, is an eight-branch community bank headquartered on the
South Side, Pittsburgh, Pennsylvania.
The common stock of Iron and Glass Bancorp, Inc is traded over the counter
under the symbol 'IRGB'.
SOURCE F.N.B. Corporation
