Farmers and Mechanics Bank shareholders have overwhelmingly approved the thrift's acquisition by Citizens Financial Group Inc., Providence, R.I.

Two-thirds of the shares had to be voted in favor of the deal in order to approve it, according to a press release.

Under the transaction announced this year, Citizens will pay $32 per share in cash when the purchase closes. Closing is expected before yearend, subject to regulatory approval. Citizens is owned by Royal Bank of Scotland and Bank of Ireland.

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