BUSINESS DIGEST: Proposed FNB merger is cleared

Proposed FNB merger is cleared

HERMITAGE

F.N.B. Corp., parent company of First National Bank, announced Tuesday that regulators have cleared its proposed merger with Comm Bancorp., Inc.

The proposal, which would merge Comm Bancorp’s Community Bank and Trust Company into First National Bank, has been approved by the Office of the Comptroller of the Currency and the Pennsylvania Department of Banking. The Federal Reserve Bank of Cleveland has granted F.N.B. Corporation a waiver of the application requirements.

The merger is scheduled to close Jan. 1. Shareholders of Comm Bancorp will be entitled to receive 3.4545 shares of F.N.B. common stock and $10 cash for each share of Comm Bancorp.

FirstEnergy declares quarterly dividend

AKRON

FirstEnergy Corp. declared an unchanged quarterly dividend of 55 cents per share Tuesday, providing different payment scenarios depending on when the company completes its merger with Allegheny Energy.

If the merger is not complete before March 1, 2011, the full dividend will be payable on that date to shareholders of record as of Feb. 7, 2011. In the event that the merger is finalized before March 1, FirstEnergy will pay two separate dividends that will total 55 cents per share.

The timing and amount of the payments will depend on the date that the deal becomes effective.

American pulls fares from Orbitz

American Airlines pulled its flights from the Orbitz travel website Tuesday in a dispute that could eventually affect the way travelers buy airplane tickets online.

The airline said its tickets sold previously on Orbitz are still valid. American Airlines tickets can still be bought at the airline’s own website as well as other travel websites. American pulled its tickets from the Orbitz for Business site as well.

The dispute is the latest sign of strains between airlines and the companies that sell airline tickets, including online sellers such as Orbitz.

Pfizer recalls more bottles of Lipitor

NEW YORK

Drug developer Pfizer Inc. on Tuesday recalled a batch of 19,000 bottles of the blockbuster cholesterol drug Lipitor, citing a consumer complaint about an “uncharacteristic” odor.

The latest announcement marks the fourth such recall since August over similar issues. Pfizer said the bottles were supplied by an outside manufacturer, though it did not identify the party. It also says health consequences appear to be minimal.

The recall covers the lot of bottles containing 40-milligram tablets and the company said the odor is consistent with prior recalls, which have been traced to 2,4,6-tribromoanisole, a chemical used as a wood preservative.

The chemical is often applied to pallets that are used to transport and store products, but Pfizer said it prohibits its use in the shipment of its medicines.

Vindicator staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .62, 22.25 —.07

Avalon Holdings,2.82—.03

Clear Channel, 1.75 60.58 .40

Cortland Bancorp, 5.10.00

Delphi Automotive, .02 .00

Farmers Nat., .12, 3.60 .00

First Energy, 2.20, 36.63.13

FirstMerit Corp., .64,19.65 .30

First Niles Financial, .32,7.00.00

First Place Fin., 2.53.08

FNB Corp., .48,9.84.22

General Electric, .48,17.90.20

Motors Liquidation, .09.00

Huntington Bank, .04, 6.70.18

JP Morgan Chase, .20,41.001.05

Key Corp, .04,8.49.08

LaFarge, 15.84 .21

Macy’s, .20, 25.98.38

Parker Hannifin, 1.08, 85.991.02

PNC, .40,60.111.48

RTI Intl. Metals,27.00.36

Rural/Metro, 14.16 .13

Simon Prop. Grp.,2.40,98.621.73

Stoneridge 17.05 .40

United Community Fin. 1.28.06

Selected prices at 4 p.m. Tuesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.