GARFIELD, N.J.--(BUSINESS WIRE)--Wawel Bank (“Wawel”) (OTC Pink:WAWL) and United Roosevelt Savings Bank (“URS”) jointly announced today that they have entered into a Mutual Termination Agreement terminating their previously announced definitive agreement and plan of merger dated August 29, 2016. In terminating the agreement, the parties cited the lengthy regulatory approval process the transaction had already been subject to, and uncertainties regarding the ultimate outcome of the regulatory approval process. The Mutual Termination Agreement provides, among other things, that each party will bear its own costs and expenses in connection with the terminated transaction, without penalties.
About United Roosevelt
United Roosevelt Savings Bank is headquartered in Carteret, New Jersey and serves the personal and commercial banking needs of customers throughout the Middlesex County area. The bank’s suite of products and services includes personal banking, mobile banking, mortgages, home equity loans and lines of credit, as well as commercial mortgages for multi-family/mixed-use properties. More information about United Roosevelt Savings Bank is available at http://ursbank.com.
About Wawel Bank
Wawel Bank is a federally chartered savings bank headquartered in Garfield, New Jersey. The Bank opened for business in 1920 and currently operates two Bergen County full-service banking offices in Garfield and Wallington, New Jersey. The Bank provides a full suite of products and services including personal banking, mobile banking, on-line banking, mortgages, home equity loans and lines of credit, as well as commercial mortgages for multi-family/mixed-use properties. Wawel Bank provides personal and business banking services to small businesses and consumers within its communities it serves. For additional information about Wawel Bank, please visit http://www.wawelbank.com.
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. Each of United Roosevelt and Wawel Bank intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. The entities' respective abilities to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Forward-looking statements reflect United Roosevelt's and Wawel Bank's management's analysis as of the date of this release, even if subsequently made available by United Roosevelt or Wawel Bank on their respective websites or otherwise. United Roosevelt and Wawel Bank undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.