ROCKY MOUNT, N.C. -- Pioneer Bancorp Inc. said its shareholders have approved selling the company to First Citizens Bancshares of Raleigh.

In their agreement of Aug. 6. First Citizens agreed to pay $2.18 per Pioneer share, a total of approximately $3.8 million.

Subject to regulatory approvals and other conditions, they expect to complete the sale around Sept. 23.

Pioneer would add $309 million of assets and 19 offices to First Citizens' $5.4 billion of assets and 308 North Carolina offices.

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