Security First Network Bank said the sale of its banking operations to Royal Bank of Canada has received all necessary regulatory approvals.
Atlanta-based Security First, a pioneering Internet institution, scheduled a shareholder vote Sept. 25 and said the transaction should be completed Sept. 30.
U.S. and Georgia banking regulators and the Canadian secretary of state for international financial institutions all assented to the sale, while the U.S. agencies also permitted a reorganization of Security First.
Royal Bank announced its agreement in March to buy the bank for $13 million, plus $7 million in technology licenses and investments. In the associated restructuring, Security First Technologies Corp. will be established as the holding company for Security First Technologies Inc., developer of the underlying Internet banking systems.