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Tracking the entertainment expenses of a bailed-out bank

By Laurie Bennett

March 30, 2010 at 9:12am
The bailout: who profited?

Once again, we find Muckety map material in an item posted by Footnoted.org, this time about the entertainment spending of a bank that took $100 million in federal bailout money.

F.N.B. Corp. (FNB) of Hermitage, PA, took $100 million in bailout funds last year.

It also spent $135,000 on a suite at Heinz Field, home of the Pittsburgh Steelers.

The company’s proxy, filed Friday, reports that the funds were paid “in connection with a Heinz Field Suite Licensing Agreement pursuant to which FNBPA entertains clients at sporting and entertainment events.”

Not coincidentally, Steelers President Arthur J. Rooney II sits on the F.N.B. board. Rooney is the son of team chairman Daniel M. Rooney, a lifelong Republican whose early support of the Obama campaign won him an appointment last year as U.S. ambassador to Ireland.

Rooney wasn’t the only board member to do side business with F.N.B. Company affiliates last year paid $100,000 to Sheetz Inc., which is co-owned by director Stanton Sheetz. The financial firm also paid another $114,000 to lease a branch building an unnamed member of Sheetz’s immediate family.

F.N.B. repaid the bailout money in September 2009.

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