Ashton Potter to Pursue Growth Opportunities
Pittsburgh, PA – April 8, 2010 – F.N.B. Capital Corporation, a Pittsburgh-based merchant banking subsidiary of F.N.B. Corporation (NYSE – FNB), today announced the closing of a $6.5 million mezzanine financing with Ashton Potter Security Printing, a high security printing company based in Buffalo, NY. The mezzanine investment provided by F.N.B. Capital Corporation will be used to refinance the existing balance sheet and allow Ashton Potter to pursue growth opportunities which leverage its best-in-class secure printing capabilities.
“We are excited to become partners with Ashton Potter,” noted Stephen Gurgovits, Jr., President and CEO of F.N.B. Capital Corporation. “As one of the few suppliers of postage stamps to the United States Postal Service the company has a solid base to expand into other secure printing areas. We are confident in the leadership team, lead by Barry Switzer, CEO, and believe Ashton Potter is well positioned to capitalize on numerous growth opportunities to continue its successful track record in the printing industry.”
For over 18 years, Ashton Potter has been a primary supplier of postage stamps to the United States Postal Service, printing over 10 billion stamps annually. The Company also prints stamped cards and envelopes for the USPS as well as tax revenue stamps for both domestic and foreign governments. Ashton Potter has recently expanded into brand identity protection and anticipates substantial growth opportunities in this market.
Barry Switzer, President and CEO of Ashton Potter stated, “We have successfully grown our relationship with the United States Postal Service and continue to expand into other related business lines. This transaction with F.N.B. Capital Corporation team will allow Ashton Potter to capitalize on new growth opportunities that add substantial value to our company and for our shareholders. Stephen and his team at F.N.B. Capital have become great business partners we look forward to working with.”
For more information on Ashton Potter visit: www.AshtonPotter.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 $8.7 billion as of December 31, 2009. 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 Bank Capital Services. It also operates consumer finance offices in Tennessee and loan production offices in Pennsylvania, Tennessee 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.
MEDIA CONTACT: Barbara Swartz / office: 724.983.3303 / cell: 724.699.0449 / email: SwartzB@fnb-corp.co