Plans for National Commerce Bancorp. in Memphis to acquire First National Bank in Lenoir City, Tenn., have fallen through.
In a joint press release late Tuesday, $6.8 billion-asset National Commerce and $260 million-asset First National said that "certain conditions" needed to close the deal could not be achieved.
The deal was announced in December; National Commerce's stock price has fallen about 26% since the beginning of the year.
The stock price slump could also jeopardize National Commerce's $34.5 million deal to acquire Piedmont Bancorp in Hillsborough, N.C.
That deal, announced Dec. 28, depends on National Commerce shares trading between $20.70 to $25.30 in the days before closing. The swap ratio is to be adjusted to give Piedmont shareholders $12.52 worth of National Commerce stock for each of their shares.
National Commerce was trading at $16.875 at midday Wednesday.
- Matt Andrejczak
