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Friday, October 30, 2009

Metro Bank merger delayed again

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.
Posted by Joseph N. DiStefano @ 11:50 AM  Permalink | Post a comment
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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