BUSINESS NEWS DIGEST: F.N.B. Corp. board member to retire

F.N.B. Corp. board member to retire

HERMITAGE, Pa.

F.N.B. Corp., parent company of First National Bank, announced Monday the retirement of Peter Mortensen, longtime board member, who will not seek re-election to F.N.B.’s board of directors when his term expires in May. Mortensen has a history of leadership with F.N.B., spanning more than 50 years.

His executive experience has included positions as chief executive officer and president of the corporation’s banking subsidiary, First National Bank of Pennsylvania (1972-1987), chairman of the corporation (1988-2007) and chairman of First National Bank (1988-2004).

“Pete’s guidance throughout the years had a significant impact in building the corporation to what it is today,” stated Stephen J. Gurgovits, president and CEO of F.N.B. Corp.

The corporation said it will not replace Mortensen and will operate with a 14-member board.

Farmers appoints director of board

CANFIELD

Farmers National Banc Corp., holding company for Farmers National Bank of Canfield, announced Monday the appointment of David Z. Paull as independent, nonexecutive director of the company’s board effective Jan. 1.

Paull fills the board vacancy created by the retirement of Benjamin R. Brown.

After 19 years of service, Brown announced his retirement from the board effective Dec. 31. He had served on the board since 1991. He most recently served as the chairman for the Risk Management and Board Loan committees.

Brown is president and owner of Castruction Co.

Paull serves as an executive at RTI International Metals Inc. He has been with RTI for 32 years.

Mortgage lenders to appear in court

NEWARK, N.J.

Six lenders who have combined to file nearly 30,000 foreclosure actions in New Jersey this year face the possible suspension of their operations next month under a court order announced Monday by state Supreme Court Chief Justice Stuart Rabner.

The action follows a report submitted to the Supreme Court that, citing depositions and court filings in other states, paints a picture of systemic abuses in the filing of foreclosures.

Adobe earnings beat expectations

NEW YORK

Software maker Adobe Systems Inc. posted earnings Monday for its latest quarter that exceeded analyst expectations, and it provided a rosy outlook.

The maker of Photoshop, Acrobat and Flash software earned $269 million, or 53 cents per share, in the fiscal fourth quarter, which ended Dec. 3. In the same period last year, it posted a loss of $32 million, or 6 cents per share.

Associated Press