THE shareholders of the Pennsylvania bank, Dauphin Deposit Corporation, have voted in favour of its acquisition by Allied Irish Banks. The vote took place during Dauphin's annual shareholders' meeting in York, Pennsylvania, yesterday.

Last January, it was announced that Dauphin Deposit would be merged into the AIB subsidiary in the US, First Maryland Bancorp, for a price of 51.36 billion (£840 million), representing $43 a share. It was described as the largest acquisition ever by an Irish company.

The deal depends on the approval of the Irish and US regulatory authorities and of shareholders of both banks. AIB shareholders vote on the proposed merger today. The acquisition is expected to be finalised in the third quarter.

Dauphin Deposit has assets of $6 billion and shareholders' equity of $570 million. It operates about 100 branch offices in 12 Pennsylvania counties adjacent to Maryland. The parent company includes the Bank of Pennsylvania, Farmers' Bank and Valleybank.