DALLAS -- Hoping the end of its nearly two-year battle with banking regulators is near, First City Bancorp. said it had filed a joint reorganization plan with a Waco, Tex.-based distressed-asset acquirer.

J-Hawk Corp. will merge into First City in exchange for about 50% of the new entity's common stock. The proposed plan must still receive approval from First City shareholders and the bankruptcy court.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.