Bowing to the inevitable, Carver Bancorp Inc. of New York and Independence Federal Savings Bank of Washington announced Tuesday that they had agreed to terminate their $30 million merger deal.
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Carver, with assets of $554 million, announced plans in March to acquire the $194 million Independence. But the Office of Thrift Supervision, which regulates both, rejected the deal Oct. 18, citing concerns about capitalization and profitability.
The merger would have linked companies owned by African-Americans in two of the country's most affluent markets.
