On December 12, 2007, official statements from PNB and Allied Bank confirmed the impending merger of both banks by early 2008. In August 2009, PNB and Allied Bank were expected to complete their merger within the next six to nine months after the latter sells its 28% stake in California-based Oceanic Bank. As of July 7, 2010, the remaining stumbling block to the merger was addressed as the latter found a buyer for its minority stake in a California-based bank. The move is seen to pave the way for the merger.