McLean Mortgage Corp.
has announced that its Board of Directors voted to terminate a proposed merger with Congressional Bank of Bethesda, Md.
In a statement issued by the Fairfax, Va.-based McLean Mortgage, the company noted that the possibility of a merger was raised last summer, but “after careful consideration” the Board opted not to go further with the transaction.
"Months of due diligence was performed by both sides for this transaction as well as by our advisors, but in the end reaching a final agreement that made sense for all parties wasn't possible," said President and CEO James Nader. "We are very proud of our relationship with Congressional Bank and hope to continue to enjoy the mutual benefits of that relationship for years to come."