Peoples Financial Services (PFIS) and FNCB Bancorp (FNCB) said Friday that they have received all required regulatory approvals or waivers needed to complete their proposed merger, which is expected to close July 1.
The banks announced in September that they have agreed to an all-stock merger under which FNCB Bancorp shareholders would receive 0.1460 shares of Peoples Financial common stock for each FNCB share they own.
Following the completion of the merger, Peoples Financial is expected to own 71% of the combined company, with FNCB owning the remaining 29%.
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