WILSON, N.C. -- Citing regulatory uncertainties, BB&T Financial Corp. announced the termination of separate merger agreements with Asheville Savings Bank and Home Savings Bank of Albermarle, N.C.
The Asheville announcement came two weeks after the savings bank withdrew its application to the Federal Deposit Insurance Corp., citing proposed changes in FDIC thrift-merger regulations. "Officials from both banks determined the merger could not be concluded in a timely manner," the institutions said Monday.
BB&T's deal with the $150 million-asset Home Savings, announced 13 months ago, also fell victim to the federal policy on controversial mutual-to-stock conversions.
"Termination of the agreement will free us from legal constraints on our ability to respond publicly to unfounded charges made by our opponents," said the president of Home Savings, Carl M. Hill. "The truth is that our proposed merger would have provided significantly greater benefits to our customers, employees, and community than if we remained independent."