DETROIT--Shareholders of NBD Bancorp have approved the Detroit company's acquisition of INB Financial Corp. of Indianapolis.

The NBD holders approved the issuance of 29.7 million shares, or 25.2% of the number currently issued and outstanding, to effect the transaction.

The merger agreement, announced last March, calls for each INB share to be exchanged for 1.6 share of NBD common stock. The transaction was valued at about $876 million.

Approval has also been received from federal bank regulators and from Michigan and Indiana regulators. INB's shareholders were to meet Friday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.