Pennsylvania-based FNB has agreed to acquire North Carolina-based Yadkin Financial, the parent of Yadkin Bank, in an all-stock deal worth $1.4bn.
The deal will include the merger of the parent companies, while Yadkin Bank will merge with and into FNB subsidiary First National Bank of Pennsylvania.
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The acquisition would add about $7.5bn in total assets, $5.3bn in total deposits, $5.4bn in total loans to FNB’s portfolio.
Following the purchase, FNB will have about $30bn in total assets, about $21bn in deposits and $20bn in total loans.
The deal will also add 100 banking offices in North Carolina and South Carolina to FNB’s roughly 300-branch network, giving the bank a presence in several high-growth markets such as Raleigh, Charlotte and the Winston-Salem, Greensboro, and High Point area.
The deal is expected to close in the first quarter of 2017, subject to regulatory and shareholders’ approvals.
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By GlobalDataFNB president and CEO Vincent Delie, Jr. said: "We are pleased to welcome Yadkin employees and are excited to bring FNB's relationship-focused banking model and leading-edge technology to our new customers and prospective clients. Both FNB and Yadkin are high performing banks with a track record of successful growth.
“The combination with Yadkin transforms FNB's growth profile and creates a premier regional bank with an expanded footprint across the Mid-Atlantic and Southeast."
