(May 4 – 18:00 ET) – At a special meeting of shareholders held on Thursday, May 3, shareholders of Centura Banks, Inc.approved the merger agreement between Centura and Royal Bank of Canada. The agreement was signed back in January.

Under the terms of the agreement, each share of Centura outstanding will be converted into the right to receive 1.684 common shares of Royal Bank upon closing. The agreement also provides that a wholly owned subsidiary of Royal Bank will merge with and into Centura.

The merger is still subject to regulatory approval in Canada and the United States. Royal Bank expects to receive approval and complete the merger during the course of its third quarter ending July 31.

Centura Banks, Inc. is based in Rocky Mount, N.C. The financial services company holds assets of US $11.5 billion. Its 3,600 employees provide a complete line of banking, investment, insurance, leasing and asset management services to individuals and businesses in North Carolina, South Carolina and Virginia.