F.N.B. to Retain Several Yadkin Executives After Merger Closes
F.N.B. in Pittsburgh plans to retain some Yadkin Financial executives and assign them to key roles after it closes its purchase of the North Carolina bank.
The $21 billion-asset F.N.B. in July agreed to buy the $7.5 billion-asset Yadkin, in Raleigh, N.C., for $1.4 billion. The acquisition will give F.N.B. its first retail presence in the Carolinas. The deal is expected to close in the first quarter.
Steven Jones, Yadkin's chief banking officer, will retain that role at F.N.B. for North Carolina and South Carolina. Jones has worked for Yadkin since July 2014. Jones was previously president of VantageSouth Bank in Cary, N.C.
Christopher Kwiatkowski, senior vice president of government guaranteed lending at Yadkin, will become director of Small Business Administration lending. He will be based in Charlotte and oversee all of F.N.B.'s SBA lending.
F.N.B. also said it plans to retain Yadkin's director of builder finance, and its regional presidents for the Raleigh-Durham, Piedmont Triad and Eastern North Carolina markets. Scott Custer, Yadkin's chief executive, has previously said he will stay with F.N.B. after the merger.
At the time of its announcement, F.N.B. said it planned to cut about a quarter of Yadkin's noninterest expenses, with many of the cost cuts to come in 2017.