A Pittsburgh-based bank said Thursday that it’s buying Raleigh-based Yadkin Financial, which has branches in the Charlotte area.
FNB Corp. said it’s paying about $27.35 per share, or $1.4 billion in total, in the all-stock deal. Yadkin Bank will merge into an FNB subsidiary, First National Bank of Pennsylvania.
The Raleigh-based community bank, which completed its acquisition of Greensboro’s NewBridge Bank in March, had reportedly been exploring a sale for months.
In the deal, FNB gains about $7.5 billion in total assets, $5.3 billion in total deposits and 100 offices in the Carolinas. The combined bank would have $30 billion in assets.
The acquisition is expected to close in the first quarter of 2017, pending shareholder and regulatory approval. FNB said the deal will produce costs savings equal to 25 percent of Yadkin’s non-interest expense base.