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Bank holding company Capital Bancorp (NASDAQ:CBNK) said on Thursday it has received all approvals required to consummate a merger with Integrated Financial Holdings (OTCQX:IFHI).
The Rockville-based company said it has received regulatory approval from the Office of the Comptroller of the Currency, or OCC, for the proposed merger.
CBNK had announced in March that it will acquire Integrated Financial in a $66M cash and stock deal. IFHI is the holding company for West Town Bank & Trust and Windsor Advantage.
The merger has also received the approval of the Federal Reserve Bank of Richmond. Also, the shareholders of both the companies had approved the transaction on Aug. 1.
The transaction is expected to close early in Q4.
The combined company is expected to have ~$3B in assets, with a diversified loan and deposit base, and ~70% net income contribution from commercial banking.
Source: Press Release
