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The board of governors of the Federal Reserve and the Office of the Comptroller of the Currency (OCC) had provided the final clearance, F.N.B. said.
Pittsburgh, Pennsylvania-based F.N.B. offered to buy Raleigh, North Carolina-based Yadkin Financial in July last year in an all-stock transaction worth $1.47 billion at the time.
The acquisition is expected to be completed by March 13, subject to certain conditions, F.N.B. said.
Reuters reported on the approval on Friday, citing two people familiar with the matter.
Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza