Ameritas Life Insurance and its affiliate Acacia Life Insurance Company have cancelled the merger between Acacia Federal Savings Bank and Customers Bancorp of Wyomissing, due to uncertainty in receiving final regulatory approval.
Commenting on the termination, Ameritas Life executive vice president and corporate treasurer William Lester said, "It had become clear that the merger between Acacia Federal and Customers was not going to receive regulatory approval in a timely fashion."
"Accordingly, we thought it was in the best interest of Acacia Federal, its shareholders, employees and customers to terminate the merger agreement."
On 21 June 2012, the insurance company signed a definitive agreement to offload the banking operations so that it could concentrate on its core insurance and investment business.
Operating for more than 28 years in Washington, DC area and providing high value deposit and lending products, the bank was able to maintain strong financial condition, asset quality and capital levels, despite challenging economic environment.
Based on the termination of the transaction and reaffirmation of Ameritas’ strategic focus, the underwriter and its bank have appointed Houlihan Lokey to identify a new buyer or strategic merger partner for the bank.