CITBA Financial (CBAF) in Mooresville, Ind., has terminated its proposed merger with Merchants Bancorp in Carmel.

The $378 million-asset CITBA said in a press release Wednesday that it decided to terminate the deal because of delays obtaining regulatory approval. Those delays "pushed the expected closing date beyond the outside date specified by the merger agreement," Lynn Gordon, CITBA's president and chief executive, said in the release.

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