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M&A History<< Return to Mergers & Acquisitions
 Deal Overview
Buyer: FNB Corp.
Target: Dover Mortgage Company
Deal Type: Specialty Finance Company
Agreement Date2/21/2003
Announcement Date2/21/2003
Announced Deal Value ($M)5.58
Completion Date4/1/2003
Consideration Breakout
Cash ($M)2.9
Common Stock ($M)3.2
Common Stock Issued126,140

 Deal Terms
Description of Consideration
FNB acquired Dover Mortgage for $2.9M in cash and 126,140 shares of FNB common stock. Additional cash consideration, based on Dover's pretax net income, may be paid during the 4 years following completion.
Percent Acquired (%)100.00
Purchase MethodPurchase
Merger of Equals?NA
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesRyan Beck & Co.
SellerYesOrr Group LLC

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesSchell Bray PLLC
SellerYesBlanco Tackabery et al.

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