Merger of Iron & Glass Bancorp, F.N.B. on track to close Aug. 15

By Lisa Kerner

Charlotte, N.C., July 31 - Iron & Glass Bancorp, Inc. shareholders approved the company's merger with F.N.B. Corp. at a special meeting held Thursday.

The companies expect the transaction, valued at $86.1 million, to close on Aug. 15, pending state approval.

F.N.B. said it agreed in February to acquire Iron & Glass Bancorp in a deal that gives the company's shareholders either $75 cash or five shares of F.N.B. common stock for each share of Iron & Glass Bancorp, subject to proration of 45% cash and 55% stock if either cash or stock is oversubscribed.

Iron & Glass Bancorp is the Pittsburgh-based holding company and parent of Iron & Glass Bank.

F.N.B., through its subsidiaries, provides various financial services to consumers and small to medium-sized businesses in Pennsylvania, Ohio and Tennessee. The company is based in Hermitage, Pa.

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