One of Pennsylvania's biggest banks said Thursday it has launched a new small-business initiative.
F.N.B. Corporation launched F.N.B. Capital Partners LP, a small-business investment company licensed by the U.S. Small Business Administration. The new company will service mezzanine financing and private-equity investments in middle market companies with annual revenues between $8 million and $100 million.
The fund invests $3 million to $10 million per transaction and specializes in financing for recapitalization, buyouts, generational transactions, mergers and acquisitions, and other growth capital. The focus will be to invest in companies to stimulate growth and job creation.
The new company will invest mainly in companies within the eastern United States and has started with $175 million of working capital, according to Ohio-based Farmers National Banc Corp., one of five regional banks that is part of the initial investment group.
Hermitage-based F.N.B. Corporation trades on the New York Stock Exchange under the ticker symbol FNB and has $12.6 billion in assets under management. Subsidiary First National Bank has four central Pennsylvania branches in Cumberland, Dauphin and York counties.