Continental Bank Holdings Inc. has become at least the third bank in the past two weeks to terminate a planned acquisition after failing to get regulatory approval.
Continental, a Plymouth Meeting, Pa., company, called off its proposed purchase of First Resource Bank in Exton, Pa.
The companies said Friday that they would be unable to get approval from the Office of Thrift Supervision before the merger deadline. Continental did not say why it expected the OTS to reject its application.
The $500 million-asset Continental announced in May that it would buy the $135 million-asset First Resource for $5.50 a share, or about $8 million in cash.