Banking & Finance

Shareholders of FNB, Yadkin, Say Yes to Merger

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PITTSBURGH – The shareholders of F.N.B. Corp. and Yadkin Financial Corp., Elkin, N.C. have voted to merge their bank holding companies, F.N.B. announced Friday.

Neither the number of votes cast nor the breakdowns were provided.

When the proposed acquisition, valued at $1.4 billion, was announced last summer, the companies agreed to exchange 2.16 shares of F.N.B. common stock for each share of Yadkin stock.

At close of business Friday, shares of F.N.B. common stock traded at $16.40, up 15 cents, shares of Yadkin at $35.16, up 48 cents, or 2.14 times F.N.B. shares.

F.N.B. also announced it had received approval of the North Carolina commission of banks for the transaction.

Pro forma, upon completion of the merger next quarter, F.N.B. Corp., parent of First National Bank of Pennsylvania, would operate in eight states that encompass Ohio, Pennsylvania, Maryland, West Virginia, Tennessee, Kentucky, and North and South Carolina, have more than 400 branches (Yadkin has 110 in North and South Carolina) and more than $30 billion in assets.

Published by The Business Journal, Youngstown, Ohio.