Blue Ridge Bankshares in Charlottesville, Va., and FVCBankcorp in Fairfax, Va., no longer plan to merge.
The $3.2 billion-asset Blue Ridge and the $2 billion-asset FVCB said in a press release Thursday that they had agreed to terminate the all-stock deal. Each company will bear its own costs and expenses in connection with the terminated transaction.
No termination fees will be paid.
“Our boards of directors mutually concluded after careful consideration that it would not be prudent to continue to pursue the proposed merger of our companies,” Brian Plum, Blue Ridge’s president and CEO, and David Pijor, chairman and CEO of FVCB, said in the release.
The termination “positions both companies to focus on the consistent growth and value creation they have each delivered through the years,” the executives said.
The companies announced the $307 million deal in July, with Blue Ridge as the legal acquirer.
Blue Ridge disclosed in November that the deal would be delayed due to an issue raised by the Office of the Comptroller of the Currency. The company never disclosed the issue.