PITTSBURGH - PNC Financial Corp. said it received all necessary regulatory approvals for its acquisition of Flagship Financial Corp.
The transaction is now expected to close Nov. 20.
Flagship's two thrift subsidiaries, First American Savings and Brandywine Savings Bank, are also scheduled to merge into PNC's Provident National Bank on the same date.
As reported, the merger agreement calls for PNC to pay Flagship shareholders $13.05 for each common share. There are about 3.5 million Flagship common shares outstanding.