Integrity Financial (NASDAQ:IFCB)
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From Jul 2019 to Jul 2024
Michael C. Miller, Chairman, President and Chief
Executive Officer of FNB Corp. (FNB) (NASDAQ: FNBN) and W. Alex Hall,
Jr., President and Chief Executive Officer of Integrity Financial
Corporation (Integrity) (NASDAQ: IFCB) today announced the approval of
FNB Corp. shareholders and Integrity Financial Corporation
shareholders to complete the merger of Integrity into FNB. Pending
receipt of regulatory approval, the transaction is expected to close
in April. FNB will be known as FNB United Corp. following the merger.
"We are pleased by the decision of our shareholders to welcome the
Integrity franchise into the FNB family," commented Miller. "We
believe that joining forces will enable us to grow within some of the
greatest markets North Carolina offers, and we're glad that our
shareholders agree."
"We are equally excited by the strong show of support of our
shareholders," added Hall. "First National is one of the strongest
community banks in North Carolina, and we share a common vision with
regard to community banking and customer service."
Integrity shareholders met this morning at the Park Inn Gateway
Conference Center in Hickory, North Carolina, followed by an afternoon
meeting of FNB shareholders at the AVS Banquet Centre in Asheboro,
North Carolina. Approximately 99% of the votes cast at the Integrity
meeting and 98% of the votes cast at the FNB meeting approved the
merger of Integrity into FNB. Additionally, FNB Corp. shareholders
voted to increase the number of authorized shares of FNB common stock
from 10 million to 50 million.
The merger of Integrity with and into FNB will result in a $1.8
billion bank holding company with 41 community offices in 17 counties
extending from the Central and Southern Piedmont and Sandhills to the
Foothills and Mountains of Western North Carolina.
FNB Corp. is the central North Carolina-based bank holding company
for First National Bank and Trust Company and Dover Mortgage Company.
Opened in 1907, First National (MyYesBank.com) operates 25 community
YES! Banks in Archdale, Asheboro, Biscoe, Burlington, China Grove,
Ellerbe, Graham, Greensboro, Hillsborough, Kannapolis, Laurinburg,
Pinehurst, Ramseur, Randleman, Rockingham, Salisbury, Seagrove, Siler
City, Southern Pines and Trinity. Dover Mortgage Company
(dovermortgage.com) operates 10 mortgage production offices in
Carolina Beach, Charlotte, Goldsboro, Greensboro, Greenville, Lake
Norman, Leland, Raleigh, Waxhaw and Wilmington. Through its
subsidiaries, FNB Corp. offers a complete line of consumer, mortgage
and business banking services, including loan, deposit, cash
management, wealth management and internet banking services. The
Federal Deposit Insurance Corporation insures deposits up to
applicable limits.
Integrity Financial Corporation (integrityfinancialcorp.com) is
the parent company of First Gaston Bank, including its divisions,
Catawba Valley Bank and Northwestern Bank. Catawba Valley Bank began
operations in 1995 and operates 12 community offices in Hickory,
Mooresville, Newton and Statesville. Northwestern Bank of Wilkesboro
began operations in 1992, operating community offices in Boone,
Millers Creek, Taylorsville, Wilkesboro and West Jefferson. First
Gaston Bank commenced operations in 1995 and operates five community
offices in Belmont, Dallas, Gastonia, Mt. Holly and Stanley.
FNB stock is traded on the NASDAQ National Market under the symbol
FNBN. Market makers are Scott & Stringfellow, Keefe, Bruyette & Woods,
Goldman Sachs, FIG Partners, Ferris Baker Watts, Knight Securities,
Ryan Beck & Company, Sandler O'Neill & Partners, Morgan Keegan &
Company, Howe Barnes Investments and Stern Agee and Leach. Integrity
stock is traded on the NASDAQ SmallCap Market under the symbol IFCB.
Market makers are Wachovia Securities, Scott & Stringfellow, Stern,
Agee & Leach, Ryan Beck & Company and Anderson & Strudwick.
This news release contains forward-looking statements, including
estimates of future operating results and other forward-looking
financial information for FNB and Integrity. These estimates
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and involve various
risks and uncertainties. Actual results may differ materially due to
such factors as: (1) expected cost savings from the mergers not
materializing within the expected time frame; (2) revenues following
the mergers not meeting expectations; (3) competitive pressures among
financial institutions increasing significantly; (4) costs or
difficulties related to the integration of the businesses of FNB and
Integrity being greater than anticipated; (5) general economic
conditions being less favorable than anticipated; and (6) legislation
or regulatory changes adversely affecting the business in which the
combined company will be engaged. FNB does not assume any obligation
to update these forward-looking statements or to update the reasons
why actual results could differ from those projected in the
forward-looking statements.