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First Business Bank and 1st Pacific Bancorp terminate merger plans

Oct 29, 2009 (M2 EQUITYBITES via COMTEX) --

Companies: 1st Pacific Bancorp (FPBN), 1st Pacific Bancorp CA (FPBN)

First Business Bank N.A. (OTCBB:FBBN.OB) announced on Wednesday that its Agreement and Plan of Merger with 1st Pacific Bancorp (NASDAQ:FPBN) has been terminated.

The agreement was signed on 16 July 2009.

The president of First Business Bank, Nathan Rogge, said that the current economic and regulatory environment "presented unanticipated complications that could not be overcome, given the structure of the transaction".

The two banks are considering alternative transactions that could be mutually beneficial. 

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News Provided by COMTEX

Companies: 1st Pacific Bancorp (FPBN), 1st Pacific Bancorp CA (FPBN)


Related terms: bank, environment, merger, nasdaq

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