Affinity Banchsares (AFBI) and Atlanta Postal Credit Union said Monday that they have agreed to terminate their proposed merger.
In May, Atlanta Postal Credit Union agreed to acquire Affinity Bancshares' Affinity Bank subsidiary in an all-cash deal.
The decision was made following discussions between Atlanta Postal Credit Union and regulatory agencies.
The credit union said it informed Affinity Bancshares that it would withdraw its application with the Georgia Department of Banking and Finance related to the deal.
Neither company will pay a termination fee and will bear their own costs and expenses related to the terminated deal, Affinity Bancshares said in a regulatory filing.
Shares of Affinity Bancshares fell more than 24% in after-market hours on Monday.
Price: 16.50, Change: -5.30, Percent Change: -24.31
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