NEW HAVEN - First Constitution Financial Corp. said it is no longer pursuing a plan to sell about $220 million in non-accruing assets while seeking outside investors to assist in a recapitalization of its subsidiary, First Constitution Bank.

The company said on July 29 that it filed a capital plan with the Federal Deposit Insurance Corp. that called for the transactions, but it said FDIC financial assistance would be necessary.

First Constitution said it has concluded that "a plan acceptable to both investors and the FDIC was not likely to be forthcoming."

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.