Yadkin Financial agrees to be sold to Pittsburgh bank for $1.4 billion
The accelerating pace of banking consolidation has found Yadkin Financial Corp. on the acquired side today.
The Raleigh bank has agreed to be sold to F.N.B. Corp. of Pittsburgh in a $1.4 billion all-stock deal announced by F.N.B.
The accelerating pace of banking consolidation has found Yadkin Financial Corp. on the acquired side today.
The Raleigh bank has agreed to be sold to F.N.B. Corp. of Pittsburgh in a $1.4 billion all-stock deal announced by F.N.B.
The banks project the deal closing in the first quarter. It would be worth $27.35 a share, representing just a 5.4 percent premium over Wednesday's closing share price of $25.95.
Investors sent Yadkin's stock up almost 10 percent in pre-market trading to $28.50. The 52-week share price range is $18.80 to $28.23.
F.N.B. goes by the retail brand of First National Bank. It has more than 300 branches in Pennsylvania, Maryland, Ohio and West Virginia, and 3,205 employees.
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