F.N.B, Yadkin Financial Shares Hit New Highs

F.N.B and Yadkin Financial Corporation  said that their respective shareholders approved their proposed merger that is slated to be completed in Q1.

FNB shares rose 0.3% on Friday afternoon to a six-and-half year high. YDKN rose 0.6% to a record high. FNB trades in a new 52-week range of $11.16 – $16.43 and YDKN has a new 52-week range of $20.42 – $35.18.

Shareholders of Yadkin will be entitled to receive 2.16 shares of FNB common stock for each common share of Yadkin. The exchange ratio is fixed and the transaction is expected to qualify as a tax-free exchange for shareholders of Yadkin, according to a statement on Friday. FNB has also received approval for the merger from the North Carolina Commissioner of Banks, it said.