The $3.2 billion-asset Blue Ridge and the $2 billion-asset FVCB
said in a press release Thursday that they had agreed to terminate the all-stock
deal. Each company will bear its own costs and expenses in connection with the
terminated transaction.
No termination fees will be paid.
“Our boards of directors mutually concluded after careful
consideration that it would not be prudent to continue to pursue the proposed
merger of our companies,” Brian Plum, Blue Ridge’s president and CEO, and David
Pijor, chairman and CEO of FVCB, said in the release.
The termination “positions both companies to focus on the
consistent growth and value creation they have each delivered through the years,”
the executives said.
The companies announced
the $307 million deal in July, with Blue Ridge as the legal acquirer.
Blue Ridge disclosed
in November that the deal would be delayed due to an issue raised by the
Office of the Comptroller of the Currency. The company never disclosed the
issue.
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