Pittsburgh bank buying Raleigh-based Yadkin Financial

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.

Yadkin Financial, which has its roots in Elkin, is the product of numerous mergers in recent years, including with Charlotte-based American Comunity Bancshares and Raleigh-based VantageSouth Bank.

This story was originally published July 21, 2016 at 11:12 AM with the headline "Pittsburgh bank buying Raleigh-based Yadkin Financial."