The merger between Atlantic Bay Mortgage Group LLC and Virginia Community Bank has been terminated.
The companies mutually agreed to terminate the deal, which was announced in July 2017. Atlantic Bay Mortgage and Virginia Community Bank failed to obtain the required approvals from the Federal Deposit Insurance Corp. and the Virginia Bureau of Financial Institutions, according to a release.
In addition to the termination, the related common stock offering of the proposed resulting bank has been canceled. All subscription payments related to the common stock offering will be returned.
Virginia Community Bank plans to continue its partnership with Atlantic Bay Mortgage through LenderSelect Mortgage Group, based out of Richmond, Va., according to a press release by Atlantic Bay Mortgage.
Virginia Community Bank is a unit of Louisa, Va.-based Virginia Community Bankshares Inc.