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CITBA Financial calls off merger.

BANKING AND CREDIT NEWS-March 21, 2014--CITBA Financial calls off merger

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21 March 2014 - Indiana US-based bank holding company CITBA Financial Corp (OTC: CBAF) said that it has elected to terminate the proposed merger transaction between CITBA and its bank subsidiary and Merchants Bancorp of Carmel Indiana and its Merchants Bank of Indiana bank subsidiary.

Lynn T. Gordon, president and CEO of CITBA, said that continuing delays in obtaining the necessary regulatory approvals pushed the expected closing date beyond the outside date specified by the merger agreement for the parties to close.

He emphasized that these regulatory delays had nothing to do with any regulatory concern relating to the earnings, asset quality, or financial condition of either of the banks, or with the merger transaction itself.

CITBA is the parent company of Citizens Bank. Citizens Bank offers a range of financial and investment services through its 10 full-service banking offices and 12 ATMs located in Morgan, Hendricks and Marion County, Indiana.

As of December 31, 2013, CITBA had consolidated total assets of USD 378.2m, deposits of USD 330.5m, and shareholders' equity of USD 36.2m.

1 USD = 0.6007 GBP

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Publication:M2 Banking & Credit News (BCN)
Date:Mar 21, 2014
Words:210
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