America's Community Bankers' board of directors voted unanimously Friday to merge with the American Bankers Association.
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The ABA's board approved the merger on Sept. 5. The groups announced their plan to merge in June. When combined, the organization's members will represent 95% of the assets in the nation's $11.5 trillion-asset banking industry.
The deal has two final hurdles to clear before closing. ABA's members are scheduled to vote on the deal Oct. 9, and the ACB's members are expected to vote Oct. 16. If both memberships approve the deal, it would close by Dec. 1.
