Metro Bancorp (NASDAQ: METR) and Republic First Bancorp (NASDAQ: FRBK) announced Tuesday that the companies mutually terminated a merger agreement, according to Associated Press.
The two cited uncertainty over regulatory approval.
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In 2008, Metro Bancorp Inc. said it would acquire 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.
Shares of Republic First Bancorp fell $1.18, or 26.8 percent, to $3.18 at Tuesday’s close. Shares of Metro Bancorp Inc. added 19 cents to $13.40.
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