To our Customers, Community and Friends,
On Tuesday, July 13, 2021, we announced that our Board of Directors had entered into a definitive agreement to merge Howard Bancorp, Inc. (HBI) and our banking affiliate, Howard Bank, into F.N.B. Corporation (FNB) and its banking affiliate, First National Bank. The closing of the merger is expected to occur early in 2022, following regulatory and other customary approvals. The official press release can be found here.
Like Howard, FNB is committed to investing in the tools, technology, and channels customers need to reach their goals. As a result, our customers will gain access to new offerings such as capital markets, syndications, mezzanine financing, expanded SBA services, leasing, international banking, expanded private banking, insurance and a full suite of wealth management products and services. Their state-of-the-art technology and leading-edge products and services will allow us to provide customers with a fully digital banking platform that integrates the in-branch, online and mobile banking experiences as part of their Clicks-to-Bricks strategy. In addition, customers will have expanded access to branch locations in Anne Arundel, Baltimore, Baltimore City, Harford, Howard, Montgomery and Fairfax counties and D.C.
Together, these enhanced capabilities present an exciting opportunity to provide you, our valued customers, with a more holistic approach to your personal and business banking relationships. We didn’t decide to merge Howard Bank with just another bank, we decided to merge Howard Bank with FNB. That’s an important distinction.
Both organizations have strong cultural similarities, shared key values and a long-standing commitment to support vulnerable and traditionally underserved communities. The closing of this transaction will build upon the outstanding tradition of community investment by both organizations and leverage the greater scale, increased combined capabilities and more extensive resources behind a unified strategy to deliver a measurable impact on communities throughout Greater Baltimore.
In the meantime, there is nothing customers need to do now. Until the transaction closes, everything associated with your accounts will remain the same and all of our existing locations will continue to operate as normal.
As the merger progresses we will continue to communicate with you to keep you fully informed. If you have any questions, now or throughout the transition, please reach out directly to your banker or visit any one of our branch locations. You may also visit us online where we will continue to post updates.
Whether it’s passing down wisdom or laying the foundation for something new, legacy isn’t just something we leave behind, it’s what we do every day. It’s how we honor the past. It’s how we live in the present. And it’s how we prepare our children for the future. At Howard Bank, our legacy can be seen in the neighborhoods and businesses we support and transform. But most importantly, it’s a reflection of the customers and communities that we serve.
On behalf of everyone here at Howard Bank, thank you for allowing us the great honor of building our legacy by helping you build yours. We look forward to continuing building your legacies with our new friends at First National Bank.
Mary Ann Scully
Chairman & CEO
This letter does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed transaction.