Archive
SGR Represents F.N.B. Corporation in its $4 Billion Spin-off
Smith, Gambrell & Russell, LLP represented F.N.B. Corporation (NYSE: FNB), a diversified financial services holding corporation, in connection with the spin-off of all of its Florida operations. F.N.B. transferred its Florida banking, insurance agency and wealth management businesses to a newly formed subsidiary, First National Bankshares of Florida, Inc. and distributed one share of First National common stock to F.N.B. shareholders for each share of F.N.B. held. The spin-off was effected on January 1, 2004 and First National is currently a $4.0 billion financial services holding company with common stock traded on the New York Stock Exchange under the symbol “FLB.”
SGR represented F.N.B. in connection with its evaluation of various strategic alternatives leading to its decision to effect the spin-off, and represented F.N.B. in connection with all aspects of the spin-off, including corporate, securities, banking regulation, tax, employee benefits and intellectual property. SGR attorneys representing F.N.B. in this transaction included Bobby Schwartz (corporate, securities and banking) and Hillyer Young (tax and employee benefits).