F.N.B. plans offering of $115 million shares (AP)
Tue, 9 Jun 2009 12:11:04 Etc/GMT
The Hermitage, Pa., company plans to use the proceeds for general corporate purposes and possibly to buy back $100 million of preferred shares plus a related warrant issued to the U.S. Treasury.
F.N.B. also said Monday it plans to give the underwriters an option to buy up to an additional 15 percent of the shares to cover any overallotments.
In January, F.N.B. completed its sale of $100 million of preferred stock to the Treasury under the government's Capital Purchase Program. The program is part of the Treasury's Troubled Asset Relief Program that is designed to encourage U.S. financial institutions to build capital and increase the flow of financing to U.S. businesses and consumers.
F.N.B. had total assets of $8.5 billion at March 31. Its shares have lost half their value over the past year and closed Monday at $6.99.
source: http://biz.yahoo.com/ap/090609/us_fnb_offering.html?.v=2