Northwest, NexTier Merger Talks End
The planned merger of Northwest Savings and NexTier banks has been terminated.
In a news release, Northwest says the termination of the agreement was based on the expectation that the merger would not receive required approval from the FDIC.
As the result of a recently completed, regularly scheduled compliance examination, the FDIC criticized various components of Northwest Savings Bank's consumer compliance program. Northwest says it is taking steps to address the issues and expects to receive a formal enforcement order concerning its compliance program.
In May, Northwest struck a deal to buy NexTier for more than $20 million in cash.
In a news release, Northwest says the termination of the agreement was based on the expectation that the merger would not receive required approval from the FDIC.
As the result of a recently completed, regularly scheduled compliance examination, the FDIC criticized various components of Northwest Savings Bank's consumer compliance program. Northwest says it is taking steps to address the issues and expects to receive a formal enforcement order concerning its compliance program.
In May, Northwest struck a deal to buy NexTier for more than $20 million in cash.
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