Clearly FTBK was dragging it's feet because they no longer wanted the merger to close. It had became clear to WBCO they had been hung out to dry by FTBK. In the lawsuit that will be coming, I would not be surprise to see WBCO seeking far more than 5 million and winning far more as well because it is clear the egregious behavior of FTBK has clearly damaged WBCO.
This situation rightly lies at the feet of the Regulators, not FTBK.
FTBK did everything they were supposed to do.
This is not the first deal the Regulators didn't give instant approval on, look at the failed purchase of North Valley Bank in California by Sterling Savings (STSA).
Once again, the Regulatory environment has changed significantly from the point the deal was announced last year. There has been a sub-prime melt-down, over building in many areas, so the Regulators are tightening down on everybody, guilty or not. A great deal has changed since Bank of Salem was done, that is what is different now.
Had WBCO not dragged their feet on deciding what to do, lo those many months ago, this would have been a done deal by now.
However, hindsight remains 20/20. John Dickson is right, time to move on. WBCO is not going anywhere, at least not at $19 per share.