CITBACustoms and International Trade Bar Association
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As of December 31, 2013, CITBA had consolidated total assets of USD 378.
US CITBA Financial Corp (OTCBB:CBAF) said it had terminated its proposed amalgamation with local sector player Merchants Bancorp as a result of regulatory delays.
Merchants, which is owned by chairman and CEO Michael Petrie and Randall Rogers and their families, and CITBA agreed the all-stock merger in May 2013, saying they expected to finalise the transaction in the third quarter of last year.
7908 CITBA shares for each of their 10,000 shares, resulting in ownership of 80% of CITBA's outstanding stock.
CITBA would have continued as the surviving entity and would have adopted the name Merchants Bancorp.
CITBA will be the surviving entity after the transaction and will be renamed Merchants Bancorp.
Renninger & Associates LLC and Krieg DeVault LLP advised Merchants on the transaction, while CITBA relied on the guidance of Austin Associates LLC and Barnes Law PC.