The boards of Oakland, Calif.-based Summit Bancshares Inc. and unit Summit Bank said Dec. 18 that the agreement and plan of merger with Faciam Holdings Inc. and Faciam Merger LLC has been terminated.
Pursuant to the terms of the agreement, which was signed in late November 2018 and amended Oct. 3, Summit was able to terminate the transaction if required governmental approvals for the acquisition by Faciam were not received or likely within the time frames of the deal.
Summit recently received communication from the Federal Deposit Insurance Corp. that made clear the needed approvals would not be forthcoming within the time frames of the agreement. Faciam also did not make a required deposit required under the terms of the deal, Summit said in a news release.
Pursuant to the agreement, Summit converted the earnest money deposit of $1 million, which was done in October.