The parties have determined that terminating the agreements made in September 2007 relating to the proposed transaction was in the best interests of each of their respective corporations and shareholders and have agreed not to comment further on the reasons for their decisions. There were no penalties incurred by either party in connection with the termination of the merger agreement and each will bear their own expenses.
Mike Vea, chairman, president and CEO of Integra Bank, said: It is unfortunate that the ongoing crisis in the housing market has worsened so quickly, created so much uncertainty and fundamentally changed the attitudes of the stock market, industry experts and regulators toward mergers. We continue to regard Peoples’ market, operations and management team very favorably.
