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M&A History<< Return to Mergers & Acquisitions
 Deal Overview
Buyer: FNB Corp.
Actual Acquirer: FNB Corp.
Target: Rowan Bancorp, Inc.
Deal Type: Bank & Thrift Company
Agreement Date2/11/2002
Announcement Date2/11/2002
Announced Deal Value ($M)21.80
Completion Date8/1/2002
Announced Deal Value Per Share ($)35.84
Consideration Breakout
Cash ($M)12.8
Common Stock ($M)10.4
Common Stock Issued673,000

 Deal Pricing Ratios
Price / Book (%)199.1213.5
Price / Tangible Book (%)199.1213.5
Price / Earnings (x)30.430.9
Price / Deposits (%)22.5923.99
Price / Assets (%)18.7920.00
Tangible Book Premium/ Deposits (%)15.5617.24
 Deal Terms
Description of Consideration
For each share held, Rowan stockholders received either $36.00 in cash or 1.4952 shares of FNB common stock and about $13.30 in cash. Terms were subject to the condition that 45% of Rowan's shares be exchanged for stock.
Accounting MethodPurchase
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)10,500
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)0.00
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)2.37
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)26.2500
% of Shares Outstanding19.90
Shares Under Option112,610
Core Deposit Intangibles ($000)2,300
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesKeefe Bruyette & Woods Inc.
SellerYesKeyBanc Capital Markets Inc.

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesSchell Bray PLLC
SellerYesGaeta & Eveson PA

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