Investment Banking - FNBPA Bancorp, Inc.

Transactions | Banking

Client: FNBPA Bancorp, Inc.
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor

  • FNBPA Bancorp, Inc. (OTCQB: FNBP) was the holding company for First National Bank of Port Allegany, a bank formed in 1933 and headquartered in Port Allegany, Pennsylvania.  FNBP operated three locations in McKean and Potter counties.
  • As of March 31, 2015, FNBP had assets of $96.1 million, loans of $46.2 million, deposits of $79.9 million, shareholders’ equity of $10.3 million, return on equity of 6.69%, net interest margin of 3.59% and a nonperforming assets to assets ratio of 1.08%.
  • Juniata Valley Financial Corp. (OTC Pink: JUVF) is a financial holding company with assets of approximately $472.9 million. JUVF operates 13 branches throughout Juniata, Mifflin, Perry, and Huntingdon counties in Pennsylvania.
  • The transaction provided JUVF entrance into the Northern Tier region of Pennsylvania.
  • The total merger consideration was approximately $13.2 million. FNBP shareholders received consideration of $50.34 in cash or 2.7813 shares of JUVF common stock. JUVF purchased 75% of the FNBP shares for stock and 25% in cash.
  • The purchase price was approximately 128.0% of tangible book value and 18.0 times LTM EPS.
  • Boenning served as financial advisor and issued a fairness opinion to FNBPA Bancorp, Inc.