Metro Bank merger delayed again
Regulators still puzzling over Metro-First Republic deal
Metro Bancorp (formerly Commerce Bank of Pennsylvania) and First Republic Bank of Philadelphia have again extended their merger deadline, to Dec. 31, from the previous Oct. 31. Reports here and here.
Metro follows a fast-growth business plan modeled on the former Commerce Bancorp, whose founder, Vernon Hill, is Republic's lead investor. The banks' bosses announced the deal last fall, and their boards voted approval in March.
But Metro, which has already pushed back the deadline from June to October, says the banks need another two months "to obtain required regulatory approvals for the merger." They're still waiting for the Federal Reserve Bank of Philadelphia and the Pennsylvania Banking Department to say it's OK.