Parkway Acquisition, the parent company of Skyline National Bank, and Great State Bank have announced that their shareholders have voted in favour of merger of both banks.
Nearly 82 shareholders voted in favour of merger.
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Earlier in March, Parkway reached an agreement to buy Great State Bank in a stock transaction valued at approximately $14.5m.
Great State will operate as a division of Skyline National Bank until operating systems are converted and the Great State offices are renamed as Skyline National Bank in September 2018.
Parkway senior executive vice president and CFO Blake Edwards said: “With the receipt of shareholder approvals needed to proceed with the combination, we expect to legally complete the merger on July 1, 2018, subject to customary closing conditions.
“Shareholders of Great State then will receive important mailings about the exchange of their shares of Great State stock into Parkway stock.”
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By GlobalDataSkyline and Parkway president and CEO Allan Funk said: “Our customers will be kept informed of progress on the integration of our two banks. In the meantime, it’s business as usual for our employees and customers as we strive to be the best bank in our market areas.
“We know that customers prefer a locally-owned and locally-managed bank, and we want to be the bank of choice for those customers that prefer the personal experience of local banking and service that is Always Our Best.”
The combined business will manage 20 bank branches, and will own assets of almost $700m, deposits of over $600m and shareholders’ equity of over $70m.
