Following discussions with regulators, the $2.3 billion Atlanta Postal Credit Union called off its proposed deal to purchase the $878 million Affinity Bank, according to a joint statement released by the Georgia financial institutions on Monday.
“The boards of directors of each of the parties agreed to the termination following discussions APCU had with the applicable regulatory agencies.
Following these discussions, APCU informed Affinity (Bancshares Inc.) and Affinity Bank that APCU would withdraw its application with the Georgia Department of Banking and Finance with respect to the transactions contemplated by the purchase agreement,” the joint statement read.
In May, APCU, and its community-based subsidiary Center Parc Credit Union, reached a purchase agreement with Affinity Bank to acquire the bank's assets and liabilities for $146.7 million in cash.
The deal would have allowed APCU/Center Parc to expand its market reach throughout Atlanta and surrounding communities with Affinity Bank’s three branches and 25,000 customers.
Traded on the NASDAQ, Affinity Bancshares Inc.’s shares fell from $21.80 at 4 p.m. to $16.40 at 6 p.m. At 9:45 a.m. Tuesday, the stock was trading at $17.19 per share.
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