Amalgamated Financial in New York was set to purchase Amalgamated Bank of Chicago for $98.1 million, but the would-be buyer says it couldn't get regulatory approval of the sale it had hoped to close last year.
In a statement the company said it's no longer proceeding with the transaction. Chicago's Amalgamated Bank, however, insists the sale can move forward, encouraging the New York company to refile its application with the FDIC.