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Title: |
Agreement and Plan of Merger |
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Date: |
2001 |
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Preview shows 15KB of 215KB total |
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$75 |
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ID: |
#1254300 |
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<SEQUENCE>2
<FILENAME>exhibit2-1.txt
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
AGREEMENT AND PLAN OF MERGER
BY AND BETWEEN
F.N.B. CORPORATION
AND
PROMISTAR FINANCIAL CORPORATION
DATED AS OF JUNE 13, 2001
<PAGE>
TABLE OF CONTENTS
PAGE
PREAMBLE 1
ARTICLE 1 TRANSACTIONS AND TERMS OF MERGER.....................................1
1.1 Merger.......................................................1
1.2 Time and Place of Closing....................................1
1.3 Effective Time...............................................2
1.4 Execution of Stock Option Agreement..........................2
ARTICLE 2 TERMS OF MERGER......................................................2
2.1 Articles of Incorporation....................................2
2.2 Bylaws.......................................................2
2.3 FNB Board of Directors.......................................2
2.4 First National Bank of Pennsylvania Board of Directors.......2
ARTICLE 3 MANNER OF CONVERTING SHARES..........................................3
3.1 Conversion of Shares.........................................3
3.2 Anti-Dilution Provisions.....................................3
3.3 Shares Held by Promistar or FNB..............................3
3.4 Fractional Shares............................................3
3.5 Treatment of Options and Warrants............................3
ARTICLE 4 EXCHANGE OF SHARES...................................................4
4.1 Exchange Procedures..........................................4
4.2 Rights of Former Promistar Shareholders......................5
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF PROMISTAR..........................6
5.1 Organization, Standing, and Power............................6
5.2 Authority; No Breach by Agreement............................6
5.3 Capital Stock................................................7
5.4 Promistar Subsidiaries.......................................7
5.5 SEC Filings; Financial Statements............................8
5.6 Absence of Certain Changes or Events.........................8
5.7 Tax Matters..................................................8
5.8 Compliance With Laws.........................................9
5.9 Assets.......................................................9
5.10 Legal Proceedings...........................................10
5.11 Reports.....................................................10
5.12 Statements True and Correct.................................10
5.13 Accounting, Tax and Regulatory Matters......................11
5.14 Environmental Matters.......................................11
5.15 Outstanding FNB Common Stock................................11
5.16 Material Contracts..........................................11
5.17 Employee Benefit Plans......................................12
5.18 State Takeover Laws.........................................14
5.19 Opinion of Financial Advisor................................14
ii
<PAGE>
ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF FNB...............................14
6.1 Organization, Standing, and Power...........................14
6.2 Authority; No Breach By Agreement...........................15
6.3 Capital Stock...............................................15
6.4 FNB Subsidiaries............................................16
6.5 SEC Filings; Financial Statements...........................16
6.6 Absence of Certain Changes or Events........................17
6.7 Tax Matters.................................................17
6.8 Compliance With Laws........................................17
6.9 Assets......................................................18
6.10 Legal Proceedings...........................................18
6.11 Reports.....................................................18
6.12 Statements True and Correct.................................18
6.13 Accounting, Tax and Regulatory Matters......................19
6.14 Environmental Matters.......................................19
6.15 Outstanding Promistar Common Stock..........................20
6.16 Material Contracts..........................................20
6.17 Employee Benefit Plans......................................20
6.18 Opinion of Financial Advisor. FNB..........................22
ARTICLE 7 CONDUCT OF BUSINESS PENDING CONSUMMATION............................22
7.1 Mutual Covenants............................................22
7.2 Covenants of Promistar......................................23
7.3 Covenants of FNB............................................25
7.4 Dividends...................................................25
7.5 Adverse Changes In Condition................................26
7.6 Reports.....................................................26
ARTICLE 8 ADDITIONAL AGREEMENTS...............................................27
8.1 Registration Statement; Shareholder Approval................27
8.2 Applications................................................27
8.3 Filings With State Offices..................................27
8.4 Agreement as to Efforts to Consummate.......................27
8.5 Access to Information; Confidentiality......................28
8.6 Press Releases..............................................29
8.7 Current Information.........................................29
8.8 Other Actions...............................................29
8.9 No Solicitation.............................................30
8.10 Accounting and Tax Treatment................................31
8.11 Articles of Incorporation Provisions........................32
8.12 Agreement of Affiliates.....................................32
8.13 Employment Contracts........................................32
8.14 Indemnification.............................................32
8.15 Additional Reports..........................................33
8.16 Exemption from Liability under Section 16(b)................33
8.17 Right to Update Disclosure Memoranda........................34
iii
<PAGE>
ARTICLE 9 CONDITIONS PRECEDENT TO OBLIGATIONS TO
CONSUMMATE...........................................................34
9.1 Conditions to Obligations of Each Party.....................34
9.2 Conditions to Obligations of FNB............................35
9.3 Conditions to Obligations of Promistar......................36
ARTICLE 10 TERMINATION........................................................36
10.1 Termination.................................................36
10.2 Effect of Termination.......................................39
10.3 Non-Survival of Representations and Covenants...............39
ARTICLE 11 MISCELLANEOUS......................................................39
11.1 Definitions.................................................39
11.2 Expenses....................................................45
11.3 Brokers and Finders.........................................46
11.4 Entire Agreement............................................46
11.5 Amendments..................................................46
11.6 Obligations of FNB..........................................46
11.7 Waivers.....................................................46
11.8 Assignment..................................................47
11.9 Notices.....................................................47
11.10 Governing Law...............................................47
11.11 Counterparts................................................47
11.12 Captions....................................................47
11.13 Enforcement of Agreement....................................48
11.14 Severability................................................48
iv
<PAGE>
LIST OF EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
1 Form of Stock Option Agreement (Section 1.4)
2 Form of agreement of affiliates of Promistar (Section 8.12)
3 Form of outside directors' Non-Compete Agreement (Section 9.2(e))
4 Form of opinion of Kirkpatrick & Lockhart LLP (Section 9.2(f))
5 Form of opinion of Smith, Gambrell & Russell, LLP (Section 9.3(d))
6 Entities Composing the Index Group (Section 10.1(g))
v
<PAGE>
AGREEMENT AND PLAN OF MERGER
THIS AGREEMENT AND PLAN OF MERGER (this "Agreement") is made and
entered into as of the 13th day of June, 2001, by and between F.N.B.
CORPORATION, a Florida corporation having its principal office located in
Naples, Florida ("FNB"), and PROMISTAR FINANCIAL CORPORATION, a Pennsylvania
corporation having its principal office located in Johnstown, Pennsylvania
("Promistar").
PREAMBLE
The Boards of Directors of Promistar and FNB believe that the
acquisition described herein is in the best interests of the parties and their
respective shareholders. This Agreement provides for the acquisition of
Promistar by FNB pursuant to the merger of Promistar with and into FNB (the
"Merger"). At the effective time of such Merger, the outstanding shares of the
capital stock of Promistar shall be converted into the right to receive shares
of the common stock of FNB (except as provided herein). As a result,
shareholders of Promistar shall become shareholders of FNB. Immediately upon
consummation of the Merger, Alpha Bank, a wholly owned subsidiary of Promistar,
shall be merged into First National Bank of Pennsylvania, a wholly owned
subsidiary of FNB. The transactions described in this Agreement are subject to
the approvals of the shareholders of Promistar and FNB, the Board of Governors
of the Federal Reserve System, the Office of the Comptroller of the Currency and
the Pennsylvania Department of Banking, and the satisfaction of certain other
conditions described in this Agreement. It is the intention of the parties to
this Agreement that the Merger for federal income tax purposes shall qualify as
a "reorganization" within the meaning of Section 368(a) of the Internal Revenue
Code, and for accounting purposes shall qualify for treatment as a pooling of
interests.
Contemporaneously with the execution and delivery of this Agreement, as
a condition and inducement to FNB's willingness to enter into this Agreement,
Promistar and FNB are entering into a stock option agreement (the "Stock Option
Agreement"), in substantially the form attached hereto as EXHIBIT 1, pursuant to
which Promistar is granting to FNB an option to purchase shares of Promistar
Common Stock.
Certain terms used in this Agreement are defined in Section 11.1 of
this Agreement.
NOW, THEREFORE, in consideration of the above and the mutual
warranties, representations, covenants and agreements set forth herein, the
parties agree as follows:
ARTICLE 1
TRANSACTIONS AND TERMS OF MERGER
1.1 Merger. Subject to the terms and conditions of this Agreement, at the
Effective Time, Promistar shall be merged with and into FNB in accordance with
the provisions of the FBCA and the PBCL. At the Effective Time, the separate
existence of Promistar shall cease, and FNB shall be the Surviving Corporation
resulting from the Merger and shall continue to be governed by the Laws of the
State of Florida. From and after the Effective Time, the Merger shall have the
effects specified in the FBCA and the PBCL. The Merger shall be consummated
pursuant to the terms of this Agreement, which has been approved and adopted by
the respective Boards of Directors of Promistar and FNB.
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