The banks' boards of directors approved a merger between
The merged operation will go on the
More than a few positions will be created because of the merger, as per to NexTier spokesman
The merger must get regulatory authorization from government agencies and stakeholders. It's likely to be complete by the end of the year.
The merger will allow both banks to increase offerings to customers and, as a larger entity, better address increasing regulations stemming from the last decade's financial crisis.
Krauland said, Because we'll be twice as big, our legal lending limit will almost double .
So in order to continue serving those customers, we have to bring another bank in, he said. Once this merger takes place, we won't have to do that.
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