NEW YORK, Nov 28 (Reuters) - First Place Financial Corp and Camco Financial Corp, two Ohio-based banks, on Friday said they agreed to cancel their planned merger, citing worsening market conditions.
Warren-based First Place had on May 7 announced its agreement to buy Cambridge-based Camco for $97.2 million in cash and stock. Shareholders of Camco were to receive $13.58 in cash or 0.97 of a First Place share for each of their shares.
The combined company would have had roughly $4.4 billion of assets and more than 67 retail banking offices. Neither bank will incur termination fees or any claims of liability resulting from the cancellation, the companies said.
In a joint statement, First Place Chief Executive Steven Lewis and Camco Chief Executive Richard Baylor said 'deteriorating market conditions had adversely impacted the prospects' for the merger. The transaction was expected to close in the current calendar quarter.
First Place shares closed Friday up 14 cents at $4.31 on the Nasdaq, while Camco shares closed down 29 cents at $5.48. Both companies' shares trade on the Nasdaq.
(Reporting by Jonathan Stempel; Editing by Carol Bishopric) Keywords: CAMCO/FIRSTPLACE (jon.stempel@thomsonreuters.com +1 646 223 6317; Reuters Messaging: jon.stempel.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Warren-based First Place had on May 7 announced its agreement to buy Cambridge-based Camco for $97.2 million in cash and stock. Shareholders of Camco were to receive $13.58 in cash or 0.97 of a First Place share for each of their shares.
The combined company would have had roughly $4.4 billion of assets and more than 67 retail banking offices. Neither bank will incur termination fees or any claims of liability resulting from the cancellation, the companies said.
In a joint statement, First Place Chief Executive Steven Lewis and Camco Chief Executive Richard Baylor said 'deteriorating market conditions had adversely impacted the prospects' for the merger. The transaction was expected to close in the current calendar quarter.
First Place shares closed Friday up 14 cents at $4.31 on the Nasdaq, while Camco shares closed down 29 cents at $5.48. Both companies' shares trade on the Nasdaq.
(Reporting by Jonathan Stempel; Editing by Carol Bishopric) Keywords: CAMCO/FIRSTPLACE (jon.stempel@thomsonreuters.com +1 646 223 6317; Reuters Messaging: jon.stempel.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.