First Scottsdale and CBOA in Arizona Terminate Merger

By Sarah Todd October 25, 2013, 1:32 p.m. EDT 1 Min Read

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First Scottsdale Bank had $80 million in assets, but then it agreed to buy a $224 million-asset competitor and outbid five others to acquire a $45 million-asset bank from the FDIC.

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First Scottsdale Bank (FSB) in Scottsdale, Ariz., and CBOA Financial (CBOF) in Tucson, Ariz., have terminated plans to merge.

The $119 million-asset First Scottsdale agreed to buy CBOA's Commerce Bank of Arizona for $8.6 million in February. The sale was called off because the companies were unable to agree on an extension of the closing date and certain amendments to the original agreement, according to a Wednesday press release from First Scottsdale.

The deal had been approved by shareholders and was originally expected to close this summer.

First Scottsdale plans to continue aggressively seeking acquisition opportunities, Rich Vogel, the company's chairman and chief executive, said in the release. "We wish Commerce Bank and its management team the very best," he said.

In April, First Scottsdale beat five other bidders to buy the $45 million-asset Gold Canyon Bank from the Federal Deposit Insurance Corp.

CBOA has $222 million in assets and six branches in Arizona, according to the FDIC. First Scottsdale has two branches.

Sarah Todd

Deputy Editor, BankThink