PITTSBURGH, May 12, 2011 /PRNewswire/ -- F.N.B. Capital Corporation, LLC, a Pittsburgh-based merchant banking subsidiary of F.N.B. Corporation (NYSE: FNB), today announced an investment in Paragon Holding Corporation (Paragon) to facilitate its purchase of Paragon Asset Recovery Services, Inc. from a publicly traded company. F.N.B. Capital Corporation's investment supports the acquisition led by Joseph Warnagiris, Paragon's Chief Executive Officer. Additional capital was provided to fund future growth initiatives. Paragon, based in Coraopolis, PA, is a specialty services firm with a focus on identification, billing and recovery of third party deductibles and subrogation on behalf of large property and casualty commercial insurance companies.
"This is the third Pittsburgh-based company we have partnered with in recent months to provide capital and support for continued growth," explains Stephen Gurgovits, Jr., President and CEO of F.N.B. Capital Corporation. "We are eager to support the Paragon management team with this acquisition. Joe and his team have consistently assisted top tier commercial insurance companies, and they are leaders in their space."
"We see this partnership with F.N.B. Capital Corporation as a great opportunity to continue to build Paragon. From our initial conversations with F.N.B. Capital, we felt comfortable with their approach and that they would take the time necessary to understand the unique nature of our business," said Paragon's CEO Warnagiris.
Since the inception of F.N.B. Capital Corporation in November 2005, the Company has completed sixteen transactions. For more information on F.N.B. Capital Corporation, please visit www.fnbcapital.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 $9.8 billion. 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 Kentucky and Tennessee.
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.
SOURCE F.N.B. Capital Corporation, LLC