FNB Corporation is a financial services company based in Pittsburgh, PA. They are the holding company for their largest subsidiary, First National Bank. As of 2022, FNB has assets of $42 billion.
Their market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem and High Point) in North Carolina; and Charleston, South Carolina with nearly 340 offices. The company employs more than 4,000 people.
The First National Bank of West Greenville was founded in Pennsylvania under the name “The First National Bank of West Greenville” in 1864 and operated out of a house. In the 1880s, the bank dropped “West” from its name to avoid confusion with the town.
The bank continued to do well through World War I and the Great Depression. Bank assets totaled $2 million in 1946 and it was still housed in one location. The bank continued to offer more products and services, and in 1974 they had a total value of $120 million, when the bank was decided to be formally named The First National Bank of Mercer County.
In 1992, First National Bank of Mercer County changed its name to First National Bank of Pennsylvania. In the same year, First National Bank of Western Pennsylvania changed its name to First Western Bank.
The company had 125 offices and total assets of $4.6 billion in 2003 and started trading on the New York Stock Exchange. Today, it’s a member of the Standard & Poor’s MidCap 400 Index with the GICS Regional Banks Sub-Industry Index.
The Current CEO has been part of the company since 2005. They helped lead the company to success, both organically and through mergers.
In 2017 FNB is the second-largest bank based in Pennsylvania by assets.
FNB, a Pittsburgh-based bank, announced that they were making Pittsburgh their headquarters in July 2014. This would double their customer base while supporting the area’s economy.
Facilities
FNB announced in July 2014 that Pittsburgh had been named the headquarters for their corporation. As of March 2015, FNB has 100 locations and a market share of 34% in Pittsburgh.
In May 2017, FNB announced its regional headquarters would locate in Raleigh, North Carolina at the new FNB Tower. Work began on December 2017 and finished on December 2019.
FNB announced in March 2018 that it would anchor a 31-story tower in Charlotte to serve as its regional headquarters. The building opened in July 2021.
FNB is moving its corporate headquarters to a new building in Downtown Pittsburgh. It will open in December 2019, and FNB, the Penguins, Clay Cove Capital and The Buccini/Pollin Group all helped design it.
Mergers and acquisitions
FNB has acquired many other companies during its long life. Some recent are listed below.
- In 2012, FNB acquired Parkvale Savings Bank, which was based in Monroeville.
- In 2015, FNB acquired Metro Bank (formerly Commerce Bank) of Harrisburg.
- In 2016, FNB agreed to a $1.4 billion deal with Yadkin Financial of Raleigh, North Carolina, the largest deal in the company’s history, giving FNB 98 branches in North Carolina.[21] The merger was completed on March 11, 2017.
- In 2021, it acquired Howard Bancorp (Howard Bank) of Maryland, and the acquisition was completed on January 22, 2022.
- In 2022, FNB announced the purchase of UB Bancorp of Greenville, North Carolina, with $1.2 billion in assets and 15 Union Bank branches, for stock valued at $117 million.
Owners
Vincent J. Delie, Jr., is the chairman and CEO of FNB Corporation and First National Bank. He joined as head of the Pittsburgh Region in 2005. In 2011, he became president of FNB Corporation and in 2012 he was made CEO as well. After John Williams retired in 2015, Delie reassumed his role as president of First National Bank.
