United Bancshares (UBSI) in Charleston, W.Va., and Virginia Commerce Bancorp (VCBI) in Arlington have pushed back the deadline for their merger as they await final regulatory approval.
The companies agreed to move the closing deadline to Jan. 31, they announced last week. The original deadline has been Nov. 30.
Both companies' boards and the Virginia State Corporation Commission have approved the deal, but it is still pending before the Federal Reserve.
The $8.5 billion-asset United agreed to pay about $491 million to buy the $2.8 billion-asset Virginia Commerce in January. The new closing deadline is also the planned date for converting Virginia Commerce to United's systems, the companies said.
"We are looking forward to having the largest community bank headquartered in the Washington, D.C., [metro area]," United Chief Executive Richard Adams said.
Another bank, Mercantile Bank (MBWM), announced last week that regulatory issues had delayed an acquisition. The Grand Rapids, Mich., bank said its $151 million agreement to buy Firstbank (FBMI) in Alma could take until March 31 to complete. The original target date had been Jan. 1.