Pennsylvania-based FNB has received the final regulatory approval from the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) for its proposed merger of North Carolina-based Yadkin Financial.
The regulators also gave the go-ahead to the proposed merger of Yadkin's bank subsidiary Yadkin Bank into FNB bank subsidiary First National Bank of Pennsylvania.
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As per the terms of the agreed merger deal, Yadkin shareholders will receive 2.16 shares of FNB common stock for each common share of Yadkin. The deal, announced in July 2016, is valued at $1.4bn and is expected to be wrapped up on 13 March 2017.
The combined group will have more than 400 banking offices and manage about $30bn in total assets.
FNB and First National Bank president and CEO Vincent Delie, Jr. said: "We are very pleased to receive final regulatory approval which enables FNB to complete this transformational merger in line with our previously announced timeline.
"In addition, we are excited to enter these high-growth markets with enhanced products and services, led by our exceptional North Carolina local leadership team.”
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