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Flagship Community Bank terminates acquisition of BankMobile

Clearwater, Fla.-based Flagship Community Bank terminated its acquisition of BankMobile Technologies Inc., a unit of Wyomissing, Pa.-based Customers Bancorp Inc.

The termination decision reflects complications involved with the regulatory process for the unit spinoff and its subsequent merger with Flagship, which resulted in Flagship's termination of the deal.

In connection with the termination of the deal, Customers Bancorp expects to recognize M&A-related after-tax expenses of about $2.0 million in the third quarter.