First Capital Bancorp Inc. and Eastern Virginia Bankshares Inc. said Monday that they have called off their planned merger due to the current regulatory environment.
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Shareholders from both companies had approved the deal.
In a joint statement, Joe Shearin, president and CEO of Eastern Virginia Bankshares, and John Presley, the managing director and CEO of First Capital, said: "The current regulatory and economic environment is such that obtaining regulatory approval has taken much longer than we ever anticipated and has reached a point, we believe, that continuing to wait for this approval is not in the best interest of either company."
