F.N.B. Corp. entered into a definitive stock purchase agreement to sell 100% of the issued and outstanding capital stock of its consumer finance unit, Regency Finance Co., to Mariner Finance LLC.
The terms of the deal were not disclosed.
The deal is anticipated to close during the second half of 2018. Regency Finance operates 77 branch offices in Pennsylvania, Ohio, Kentucky and Tennessee with total assets of $170 million as of March 31.
In addition, the Pittsburgh-based company intends this year to consolidate up to 20 branches of its retail banking subsidiary, First National Bank of Pennsylvania.
For the Regency Finance transaction, Sandler O'Neill & Partners LP acted as financial adviser to F.N.B. Corp., while Reed Smith LLP served as the company's legal counsel. Wachtell Lipton Rosen & Katz served as legal counsel to Mariner Finance.
