By Jack King
Access Anytime Bancorp Inc., the parent company of Clovis’ FirstBank, announced Monday that its proposed merger with First National Bank Holding Company of Scottsdale, Ariz., has been terminated.
According to Access Anytime’s Web site, the boards of directors of the two companies mutually agreed to terminate the merger agreement effective Friday upon the conclusion of a due diligence review by First National Bank Holding Co.
A due diligence review is a study by one company of another’s assets, investment strategies and history to reduce the risk of an inefficient investment, according to the Web site of the Russaudit Group, a financial consulting firm.
The proposed merger was subject to a number of conditions, including completion of the due diligence review, regulatory approval and approval of Access Anytime Bancorp stockholders.
In a July 23 News-Journal story, Norman Corzine, chairman of the board of Access Anytime Bancorp Inc., said the merger would be good for Clovis customers.
“Our customers will basically have some additional products brought to them, particularly on the merchant side. This gives us the flexibility for larger loan deals than we’re currently capable of handling,” Corzine said.
Neither Corzine, Don Padgett, chairman and CEO of FirstBank, nor a spokeswoman for First National Bank Holding Company could be reached for comment Monday.