In a deal that will mark the largest community bank buyout in the history of North Carolina, Yadkin Bank (NYSE: YDKN), is about to be acquired by Pittsburgh-based F.N.B. Corp. (NYSE: FNB) for roughly $1.4 billion.
Yadkin recently acquired NewBridge Bank and VantageSouth, to position itself as North Carolina’s largest community bank by total assets.
It seems they were aligning themselves for this historic buyout.
Yadkin CEO Scott Custer commented in a press release that the fact that FNB is not yet in North Carolina “is a good news story for our employees. F.N.B. will give our customers more services and give our people good opportunities.”
The deal will provide FNB with:
$7.5 billion in North Carolinian assets
$5.3 billion in total deposits
$5.4 billion in total loans
110 branches and 10 banking offices in North and South Carolina
The buyout is expected to finalize in the beginning of 2017, pending government approval.