A PYMNTS Company

US: F.N.B. acquisition to create premiere regional bank

By  |  July 21, 2016

F.N.B. Corporation (FNB) and Yadkin Financial Corporation just announced jointly the signing of a definitive merger agreement which will lead to FNB to acquire Yadkin in an all-stock transaction valued at approximately $1.4 billion in the aggregate. After the merger of the parent holding companies, Yadkin Bank will merge into FNB’s subsidiary, First National Bank of Pennsylvania.

Following the acquisition of Yadkin, FNB will have nearly $30 billion in total assets and more than 400 full-service banking offices. The merged company will also have an estimated $21 billion in deposits and $20 billion in total loans. Under the terms of the merger agreement, which has been approved by both companies board of directors, shareholders of Yadkin will be entitled to 2.16 shares of FNB common stock for each common share of Yadkin.

The companies expect to complete the transaction in the first quarter of 2017 after satisfaction of customary closing conditions, including approvals from the FNB and Yadkin shareholders and regulators.

Full Content: PR Newswire

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