F.N.B. Corporation provides various financial services to consumers, corporations, governments, and small- to medium-sized businesses primarily in Pennsylvania, eastern Ohio, and northern West Virginia. The company was founded in 1974 and is based in Pittsburgh, Pennsylvania.
Moody's Investors Service (Moody's) has today affirmed all ratings and assessments of First National Bank of Namibia Limited (FNB Namibia), including its Ba2/Not Prime long-term and short-term local currency deposit ratings, and changed the outlook on the bank's long-term ratings to negative from stable. The rating action follows Moody's decision to affirm the Namibian government's long-term issuer rating of Ba2 and change its outlook to negative from stable on 22 May 2020. The negative outlook on the sovereign reflects the economic and financial pressures the coronavirus shock is exerting on Namibia's credit metrics, exacerbating existing vulnerabilities.
DEEP DIVE Economic turmoil from the coronavirus shutdown points to significant loan losses ahead for banks. But if you are confident that the U.S. economy will recover fairly quickly as states reopen, then this is the time to scoop up shares of banks that are in good overall shape and are trading at discounts to tangible book value, according to Christopher Marinac, director of research at Janney Montgomery Scott.
F.N.B. Corporation (NYSE: FNB), parent company of First National Bank, today announced that it has processed more than 18,000 Small Business Administration (SBA) Paycheck Protection Program (PPP) loans to date, representing approximately $2.6 billion in direct relief to small businesses across the Company's seven-state footprint. FNB has closed and funded 94% of the PPP loan requests, resulting in $2.4 billion in relief funds already advanced to its clients.