MVB Financial and CFG Community Bank have terminated their purchase-and-assumption agreement, a year after announcing the deal.
MVB Financial in Fairmont, W.Va., announced in October 2013 that it would pay $30 million in cash and stock to acquire certain assets and assume certain liabilities of the $532 million-asset CFG Community, in Lutherville, Md., including the seller's three branches in Maryland.
The companies said in a press release on Friday that the deal was terminated by mutual agreement and neither party would pay a termination fee.
It was an "amicable decision," Larry F. Manza, chief executive of the $1.06 billion-asset MVB, and Jack Dwyer, chairman of CFG, said in a joint statement.
"Due to the passage of a year's time, modifications to the business plans for each company, and changes in the industry, it was determined that it is in the best interests of both companies, our employees and shareholders to move forward independently," the executives said in the statement. "We are committed to continue to work together on special projects."