M&A Deal Summary

First National Bank Acquires Yadkin Financial

On July 21, 2016, First National Bank acquired financial services company Yadkin Financial from Lightyear Capital for 1.4B USD

Acquisition Highlights
  • This is First National Bank’s 13th transaction in the Financial Services sector.
  • This is First National Bank’s largest (disclosed) transaction.
  • This is First National Bank’s 13th transaction in the United States.
  • This is First National Bank’s 1st transaction in North Carolina.

M&A Deal Summary
Date 2016-07-21
Target Yadkin Financial
Sector Financial Services
Buyer(s) First National Bank
Sellers(s) Lightyear Capital
Deal Type Add-on Acquisition
Deal Value 1.4B USD
Advisor(s) Sandler O'Neill + Partners LP (Financial)
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Yadkin Financial

Raleigh, North Carolina, United States
website
Yadkin Financial Corporation is the holding company for Yadkin Bank, a full-service statechartered community bank providing services in 100 branches across North Carolina and upstate South Carolina. Serving approximately 130,000 customers, Yadkin has assets of $7.5 billion. Yadkin Bank's primary business is providing banking, mortgage, investment and insurance services to residents and businesses across the Carolinas. Yadkin Bank provides mortgagelending services through its mortgage division, Yadkin Mortgage, headquartered in Winston-Salem, NC.

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Buyer(S) 1

Buyer

First National Bank

Pittsburgh, Pennsylvania, United States

website

Category Company
Founded 1864
Sector Financial Services
Employees4,018
Revenue 1.4B USD (2022)
DESCRIPTION

First National Bank is a financial holding company, provides various financial services to consumers and small- to medium-sized businesses primarily in Pennsylvania, eastern Ohio, and northern West Virginia. First National Bank was incorporated in 1864 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 13 of 14
Sector (Financial Services) 13 of 14
Type (Add-on Acquisition) 12 of 12
State (North Carolina) 1 of 1
Country (United States) 13 of 14
Year (2016) 1 of 1
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-04 Metro Bancorp

Harrisburg, Pennsylvania, United States

Metro Bancorp, Inc. is a provider of financial services.

Buy $474M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-13 Howard Bank

Baltimore, Maryland, United States

Howard Bank is a bank holding company. Its principal operating subsidiary Howard Bank is a growth-focused community bank serving businesses, professionals and individuals. Howard Bank was founded in 2004 and is based in Baltimore, Maryland.

Buy $418M

Seller(S) 1

SELLER

Lightyear Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2000
PE ASSETS 4.1B USD
Size Large
Type Sector Focused
DESCRIPTION

Lightyear Capital is a specialist private equity firm that pursues brand-name businesses in the financial services sector. Lightyear looks for companies with stable, recurring revenues that operate in growing markets. Transaction strategies include leveraged buyouts, recapitalizations, restructurings and consolidations. Lightyear Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 19 of 30
Sector (Financial Services) 7 of 13
Type (Add-on Acquisition) 8 of 12
State (North Carolina) 1 of 1
Country (United States) 15 of 24
Year (2016) 3 of 4
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-20 Community & Southern Holdings

Atlanta, Georgia, United States

Community & Southern Holdings, Inc. and its wholly owned subsidiary, Community & Southern Bank, is one of Georgia’s strongest banks with more than $4.0 billion in assets. Community & Southern Bank is headquartered in Atlanta, Georgia and operates 47 branches throughout Georgia and one office in Jacksonville, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-17 Cascade Bancorp.

Bend, Oregon, United States

Cascade Bancorp. is a community bank in the Pacific Northwest operating under the name of Bank of the Cascades. Cascade offers full-service community banking through over 30 branches in Central Oregon, Southern Oregon, Portland/Salem and Boise/Treasure Valley.

Sell $589M
Mergr

Product

Company

Legal