Metro Bancorp (NASDAQ: METR) and Republic First Bancorp (NASDAQ: RBCAA) equally terminated a merger agreement, the two companies announced on Tuesday. Both banks trade on the “NASDAQ” under the stock symbols “METR” and “RBCAA”. For the Latest information regarding “METR” and “RBCAA”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Metro Bancorp (NASDAQ: METR) and Republic First Bancorp (NASDAQ: RBCAA) equally terminated a merger agreement, the two companies announced on Tuesday. The two cited uncertainty over regulatory approval.
Metro Bancorp Inc in 2008 said it would buy Republic First for about $114 million. Late last year, the companies extended the deadline for the deal to March 31 to allow more time for regulatory approval.
"Although we saw many benefits from the merger, we now intend to resume our focus on growing our earnings, organic growth and improved performance," said Metro Bancorp Chairman, and CEO Gary Nalbandian.
Shares of Republic First Bancorp shed $1.20, or 27.3 percent, to $3.20 in afternoon trading. Shares of Metro Bancorp Inc. added 15 cents to $13.36.
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