BM Technologies in Radnor, Pa., no longer expects to complete its pending purchase of First Sound Bank in 2022.
The fintech, which intends to rebrand the $154 million-asset First Sound as BMTX Bank, said in a press release that it will resubmit its merger application to “respond to questions posed by regulators.” The plan is to resubmit the application early next year.
BM Technologies said that the parties will need to amend their merger agreement to extend the termination date beyond Dec. 31.
“Although we currently believe that all parties intend to proceed with the transaction, and discussions are underway to extend the termination date, it has not been extended at this time and no assurances can be given whether, or for how long, the termination date will be extended,” the company said.
The deal, announced in November 2021, was initially expected to close in the first half of 2022.