Reported 8 months ago
MC Bancshares and Heritage NOLA Bancorp, two Louisiana banks near New Orleans, have decided to abandon their merger plan due to regulatory hurdles. The deal, initially announced in July 2023 and expected to close in 2024, faced challenges that the banks deemed too difficult to overcome. Following a review of uncertainties in the regulatory environment, Heritage's president and CEO cited the decision as not in the best interest of stockholders. Although the cancellation had minimal impact on the bank M&A landscape, it highlighted the ongoing difficulties in completing such transactions amidst regulatory scrutiny and macroeconomic concerns.
Source: YAHOO