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Article: Home Savings Bank Of Siler City, Inc., SSB Terminates Transaction With FNB Corp.
- Article from:
- PR Newswire
- Article date:
- January 28, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SILER CITY, N.C., Jan. 28 /PRNewswire/ -- The Board of Directors of Home Savings Bank of Siler City, Inc., SSB (OTC-Bulletin Board: HSSC) has exercised its right under the Agreement and Plan of Reorganization and Merger with FNB Corp. (Nasdaq: FNBN) and its wholly-owned subsidiary First National Bank and Trust Company, to terminate the Agreement as a result of the rise in the price of FNB Corp. common stock. The Average Closing Price based on the formula in the Agreement equaled $45.71 which exceeded the price of $36.50 per share, thereby triggering the option of Home Savings to terminate the merger. Accordingly, the planned closing and exchange of stock and cash by ...
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