TORONTO -- Royal Bank of Canada (TSE,NYSE: RY) announced today that it has received the required regulatory approvals from the Board of Governors of the Federal Reserve System to acquire Centura Banks Inc. (NYSE: CBC), headquartered in Rocky Mount, N.C.
Now that the Federal Reserve Board has approved the transaction, there will be a 15-day waiting period before the transaction can be completed under U.S. law.
In Canada, the acquisition must be approved by the Minister of Finance (Canada) and the Office of the Superintendent of Financial Institions (OSFI). Once Canadian regulatory approvals have been obtained, a definitive closing date for the transaction will be established.
Under the terms of the agreement, each share of Centura outstanding will be converted into 1.684 shares of Royal Bank of Canada upon closing. Centura shareholders approved the agreement earlier this month.
Centura has more than 250 ATMs in North Carolina, South Carolina and Virginia. It was one of the first in the nation to offer PC online banking and bill payment through Quicken and Microsoft Money. It offers licensed investment brokerage services through Centura Securities, Inc., and insurance services through Centura Insurance Services.
