M&A

The acquirer had pursued a de novo strategy in its home state but was unable to raise enough capital.

Flushing Financial, which had planned to complete its purchase of Empire Bancorp in early April, has moved its target date back by about two months.

Groups often will oppose mergers on Community Reinvestment Act grounds. But the proposal would tighten standards for when the agency includes “adverse comments” in the process.

Coronavirus concerns, along with the Fed's emergency rate cut and an erratic stock market, have forced most bankers to take pause and reassess potential deals.

The North Carolina company will hold onto the loans following the Fed's decision to slash interest rates.