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FORM 3
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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f)
of the Investment Company Act of 1940
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<S> <C> <C> <C>
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1. Name and Address of Reporting Person* 2. Date of Event Requiring 4. Issuer Name and Ticker or 6. If Amendment, Date
F.N.B. CORPORATION Statement Trading Symbol of Original
- ---------------------------------------- (Month/Day/Year) West Coast Bancorp, Inc. (WBAN) (Month/Day/Year)
(Last) (First) (Middle) November 15, 1996 ----------------------------------
Hermitage Square ---------------------------- 5. Relationship of Reporting -----------------------
- ---------------------------------------- 3. IRS or Social Security Person to Issuer 7. Individual or Joint/
(Street) Number of Reporting (Check all applicable) Group Filing (Check
Hermitage PA 16148-3389 Person (Voluntary) Director X 10% Owner applicable line)
- -------------------------------------- ----- ----- X Form filed by
(City) (State) (Zip) ---------------------------- Officer X Other ----- One Reporting
----- (give ----- (specify Person
title below) below) Form filed by
Option Holder ----- More than One
---------------------------------- Reporting Person
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TABLE 1 -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Beneficial
(Instr. 4) Indirect (I) Ownership (Instr. 4)
(Instr. 5)
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Common Stock, par value $1.00 per share 35,000 D
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*If the form is filed by more than one Reporting Person, see Instruction 5(b)(v).
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
(Print or Type Responses) (8/96)
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FORM 3 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security 2. Date 3. Title and Amount of 4. Conver- 5. Owner- 6. Nature of Indirect
(Instr. 4) Exercisable and Securities Underlying sion or ship Beneficial Ownership
Expiration Date Derivative Security Exercise Form of (Instr. 5)
(Month/Day/ (Instr. 4) Price of Deriv-
Year) Deri- ative
vative Security:
Security
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Date Expira- Amount or (D) or
Exercis- tion Title Number Indirect (I)
able Date of Shares (Instr. 5)
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Right to Buy * * Common Stock par 426,991 $15 D
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value $1.00
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Explanation of Responses:
* See Attachment A
/s/ John D. Waters November 25, 1996
**Intentional misstatements or omissions of facts constitute Federal Criminal ------------------------------- ------------------
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). **Signature of Reporting Person Date
Note. File three copies of this form, one of which must be manually signed. Page 2
If space provided is insufficient, See Instruction 6 for procedure. (8/96)
(Print or Type Responses)
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ATTACHMENT A
On November 15, 1996, F.N.B. Corporation ("FNB"), a corporation
organized and existing under the laws of the Commonwealth of Pennsylvania and
registered as a bank holding company under the Bank Holding Company Act of
1956, as amended (the "BHCA"), Southwest Banks, Inc. ("Southwest"), a Florida
corporation which will be a wholly-owned subsidiary of FNB, and West Coast
Bancorp, Inc. ("West Coast"), a corporation organized and existing under the
laws of the State of Florida and registered as a bank holding company under the
BHCA, entered into an Agreement and Plan of Merger (the "Merger Agreement"),
pursuant to which West Coast will be merged with and into Southwest, with
Southwest as the surviving corporation (the "Merger").
Simultaneously with the execution of the Merger Agreement, FNB and West
Coast entered into a Stock Option Agreement, dated November 15, 1996 (the
"Stock Option Agreement"), pursuant to which West Coast granted to FNB an
option to purchase, under certain circumstances and subject to certain
adjustments, up to 426,991 shares of West Coast common stock, par value $1.00
per share ("West Coast Common Stock", each a "Share") at a price, subject to
certain adjustments, of $15 per share (the "FNB" Option"). The FNB Option, if
exercised, would equal, before giving effect to the exercise of the FNB Option,
19.9% of the total number of shares of West Coast Common Stock outstanding as
of its date of exercise. The FNB Option was granted by West Coast as a
condition and inducement to FNB's willingness to enter into the Merger
Agreement. Under certain circumstances generally indicating a change of
control not involving FNB, West Coast may be required to repurchase the FNB
Option or the shares acquired pursuant to the exercise of the FNB Option.
The preceding description of the Stock Option Agreement is qualified in
its entirety by reference to the copy of the Stock Option Agreement included as
Exhibit 4.1 to FNB's Current Report on Form 8-K dated November 15, 1996 and
which is incorporated by reference. FNB expressly disclaims any beneficial
ownership of the 426,991 shares of West Coast Common Stock which are obtainable
by FNB upon exercise of the Option, because the Option is exerciseable only
upon the occurrence of certain events described therein generally indicating a
change of control not involving FNB, none of which has occurred.
