Regulators OK FNB Purchase of Yadkin Financial
PITTSBURGH – The Federal Reserve System and the Office of Comptroller of the Currency have approved F.N.B. Corp.’s intent to acquire Yadkin Financial Corp., and integrate Yadkin Bank into First National Bank.
Having secured shareholder approval, this last regulatory step allows the transaction to close March 13, Vincent J. Delie Jr., president and CEO of F.N.B. and First National Bank, said.
The acquisition, announced last July 21, allows First National Bank entry into the Piedmont Triad of North Caroline and South Carolina with some 100 offices of Yadkin Bank joining the 300-plus offices of First National Bank in Pennsylvania, Ohio, West Virginia and Maryland.
Pro forma, the acquisition would increase F.N.B. assets to $30 billion from $20 billion.
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