Based on some word of mouth information, latest date by which the acquisition should have closed according to the merger agreement is 30 June 2023. No information is available on what will happen after this date if FED does not issue the approval.
I can't really say. Would not be fair toward the person. Anyways, deal had not been dropped, even though the initially agreed close date has passed. There was also an update to the application in March 2023 when Bawag agreed to retain voting shares of Marlette Holdings, Inc. I do now know how FED deals with these adn weather this would extend the approval process eve further.
To be closed by November 30th 2023 https://www.globenewswire.com/news-release/2023/11/02/2772924/0/en/BAWAG-and-Peak-Bancorp-Inc-Announce-Receipt-of-All-Regulatory-Approvals.html
Based on some word of mouth information, latest date by which the acquisition should have closed according to the merger agreement is 30 June 2023. No information is available on what will happen after this date if FED does not issue the approval.
I was looking at the filings and noticed that the Federal Reserve was shown the merger proposal on August 29, 2022 (https://www.federalregister.gov/documents/2022/08/29/2022-18556/formations-of-acquisitions-by-and-mergers-of-bank-holding-companies). In that estimation, as this is a foreign bank acquiring, it can take from 6 to 18 months from then for this to be finalized. Average timeframe is about 12 months. Who is the word of mouth source?
I can't really say. Would not be fair toward the person. Anyways, deal had not been dropped, even though the initially agreed close date has passed. There was also an update to the application in March 2023 when Bawag agreed to retain voting shares of Marlette Holdings, Inc. I do now know how FED deals with these adn weather this would extend the approval process eve further.
Where does this stand niw?
Same as before. Waiting for the regulator to approve. It would be a rare precedent if they rejected.
There was a nice article in American Banker regarding US banking M&A. If they rejected, they would break a perfect 15-year-old streak.
https://www.americanbanker.com/news/warren-targets-bank-regulators-permissiveness-on-mergers