PITTSBURGH, Dec. 17, 2010 /PRNewswire-FirstCall/ -- F.N.B. Capital Corporation, a Pittsburgh-based merchant banking subsidiary of F.N.B. Corporation (NYSE: FNB), today announced the closing of $3.0 million in mezzanine financing with Boston-based Cadence Capital Management, LLC, an investment management firm specializing in actively managed domestic equities. The mezzanine funding provided by F.N.B. Capital Corporation will be used to refinance Cadence Capital Management's existing balance sheet and allow the company to pursue growth initiatives.
"We are delighted to support the growth initiatives of Cadence Capital Management," notes Stephen Gurgovits, Jr., President and CEO of F.N.B. Capital Corporation. "Thanks to a strong existing relationship with our partners at First National Bank, we were able to develop a joint financing solution for the company. Cadence Capital Management has a long-standing track record of consistently outperforming industry benchmarks, along with a diverse, blue chip list of institutional clients, making this a compelling opportunity for our group."
Michael Skillman, President and CEO of Cadence Capital Management agrees, "We have a successful working relationship with the First National Bank team, and now this transaction with F.N.B. Capital Corporation will allow us to maximize our growth opportunities and add substantial value to our company and for our shareholders. The entire F.N.B. team worked together to provide the solution we needed."
This is the third mezzanine financing deal for F.N.B. Capital Corporation this year, and their fourteenth since their inception in November 2005.
For more information on F.N.B. Capital Corporation, visit www.fnbcapital.com.
For more information on Cadence Capital Management, visit www.cadencecapital.com.
About F.N.B. Capital Corporation, LLC
F.N.B. Capital Corporation, LLC is headquartered in Pittsburgh, PA. A subsidiary of F.N.B. Corporation, it specializes in providing subordinated debt, private equity, and other types of financial capital to small and medium sized commercial enterprises, focusing on recapitalizations, buyouts, generational transitions, mergers and acquisitions, and other growth capital needs.
About F.N.B. Corporation
F.N.B. Corporation, headquartered in Hermitage, PA, is a diversified financial services company with total assets of $9.0 billion as of September 30, 2010. F.N.B. Corporation is a leading provider of commercial and retail banking, leasing, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, Regency Finance Company and F.N.B. Commercial Leasing. It also operates consumer finance offices in Tennessee and loan production offices in Pennsylvania and Florida.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB". Investor information is available on F.N.B. Corporation's Web site at www.fnbcorporation.com.
About Cadence Capital Management, LLC
Cadence Capital Management was founded in 1988 with seed capital from Pacific Mutual Life Insurance Company. In 2005, the company's employees acquired their firm with a capital infusion from Rosemont Capital. Cadence Capital Management is now an independent, majority employee-owned investment management firm. In addition to its institutional clients, the company is also a sub-advisor for mutual funds in the Managers Investment Group Series (Managers Cadence Capital Appreciation Fund, Managers Cadence Focused Growth Fund, Managers Cadence Mid-Cap Fund, and Managers Cadence Emerging Companies Fund).
Cadence Capital Management has a tenured and experienced management team with a proven track record, as well as a customer services program that has helped the company grow to over $5 billion in assets under management. The company's disciplined investment philosophy is derived from strong bottom-up fundamental analysis, coupled with reasonable valuation methodology and consistent growth orientation.
SOURCE F.N.B. Capital Corporation