Metro Bancorp, Inc. (NASDAQ:METR) and First Bancorp Inc (NASDAQ:FRBK) have terminated their merger agreement dated November 7, 2008. The agreement was terminated due to uncertainties relating to regulatory approval of the merger. Metro Bancorp will now focus on growing the company’s earnings, organic growth and improved performance, according to the company’s chairman, president and CEO Gary Nalbandian. The company will also now pursue its de novo expansion in both its existing Central Pennsylvania footprint, in addition to its Metro Philadelphia footprint.
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Metro Bancorp, Inc., formerly Pennsylvania Commerce Bancorp, Inc., serves as the holding company for Commerce Bank/Harrisburg, N.A. (the Bank). The Bank provides a range of retail and commercial banking services for consumers and small- and mid-sized companies. Its lending and investment activities are funded principally by retail deposits gathered through its retail store office network. The Bank offers lending and depository services from its main office in Lemoyne, Pennsylvania, and 32 other full-service stores located in Cumberland, Dauphin, York, Berks, Lancaster and Lebanon Counties, Pennsylvania. As of December 31, 2008, the Company had approximately $1.6 billion in deposits and $1.5 billion in total net loans (including loans held for sale). On November 7, 2008, the Pennsylvania Department of Banking approved the application of Commerce Bank/Harrisburg, N.A. to convert from a national bank charter to a state bank charter.
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