Franklin Financial Network in Tennessee has pushed back the termination date for its planned purchase of Civic Bank & Trust for a second time.
The $2.9 billion-asset company disclosed in a regulatory filing Monday that it has until Sept. 30 to provide Civic with “reasonably satisfactory” evidence that the Federal Reserve accepted its application for the $30 million acquisition.
Franklin originally planned to close the deal for the $167 million-asset Civic last year. The termination date was later moved to March 31 with an option to extend it to June 30.
Franklin disclosed earlier this year that it had been hit with a memorandum of understanding tied to its concentrations of commercial real estate. The company, which subsequently raised capital, said that the memorandum could limit its ability to complete acquisitions.
