Investors Bancorp in Short Hills, N.J., and Bank of Princeton in New Jersey have terminated their planned merger.
The $22.5 billion-asset Investors had
The companies said in a press release Tuesday that they were unlikely to receive approval from the Federal Deposit Insurance Corp. before the deal’s March 31 termination date.
Each bank will bear its own costs and expenses in connection with the terminated deal, without penalties.
Investors
The companies held out hope that they'd get skeptical regulators to sign off on their $286 million deal before determining that canceling it was in their best interests.
In a Senate Judiciary hearing Tuesday morning, some Republican lawmakers signaled openness to joining their Democratic counterparts in supporting the Credit Card Competition Act.
The Cleveland-based bank now has commercial lending teams in both markets, including a team it recently hired away from Huntington Bancshares.
Industry Bancshares has been bogged down for years with unrealized losses. The Federal Reserve issued a cease-and-desist order against the firm, following similar actions by other agencies.
Gruenberg, the Federal Deposit Insurance Corp.'s longest-serving board member, will step down in January, marking the end of an era after nearly 20 years on the agency's board of directors.
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