F.N.B. Corp. accepts $100 million in government investment

HERMITAGE, Pa., — F.N.B. Corp. said Tuesday it is accepting $100 million in investment from the federal government and is expecting to report a loss for the fourth quarter because of bad loans in Florida.

The Hermitage-based holding company of First National Bank of Pennsylvania said it sold 100,000 shares of preferred stock to the U.S. Treasury.

Bob New, F.N.B. president and chief executive, noted that the government has said it will use its Capital Purchase Program to invest in healthy banks in order to increase financing available for U.S. businesses and consumers. He said the company will use the money in its regular operations, including making loans.

F.N.B said it expects its fourth-quarter loss to be between $17 million and $21 million. It will release its earnings report Jan. 26.

For more information, see Wednesday’s Vindicator or www.vindy.com.