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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
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."
