Magazine article American Banker

In Brief: El Banco of Ga. Ends In-State Charter Deal

Magazine article American Banker

In Brief: El Banco of Ga. Ends In-State Charter Deal

Article excerpt

El Banco Financial Corp.'s bid to become an independent banking company has hit a roadblock.

The Roswell, Ga., company's plan to buy NBOG Bancorp. Inc. in Gainesville, Ga., was dropped because both sides concluded "that receipt of regulatory approval would not be forthcoming on a timely enough basis," according to an Oct. 26 filing with the Securities and Exchange Commission.

El Banco announced in May that it would buy the $37 million-asset NBOG for $6.5 million. The companies' decision to call off the deal was first reported in Friday's Atlanta Business Chronicle.

Drew Edwards, El Banco's chairman and chief executive officer, said in a brief interview Monday that the decision was voluntary and in the best interests of both companies.

El Banco targets Hispanics who have had little or no contact with traditional banks; it operates 12 retail offices in the Atlanta area under a licensing agreement with SunTrust Banks Inc. …

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