03:36 AM EST, 12/31/2024 (MT Newswires) -- Affinity Banchsares (AFBI) and Atlanta Postal Credit Union said Monday that they have agreed to terminate their proposed merger.

In May, Atlanta Postal Credit Union agreed to acquire Affinity Bancshares' ( AFBI ) Affinity Bank subsidiary in an all-cash deal.

The decision was made following discussions between Atlanta Postal Credit Union and regulatory agencies.

The credit union said it informed Affinity Bancshares ( AFBI ) that it would withdraw its application with the Georgia Department of Banking and Finance related to the deal.

Neither company will pay a termination fee and will bear their own costs and expenses related to the terminated deal, Affinity Bancshares ( AFBI ) said in a regulatory filing.

Shares of Affinity Bancshares ( AFBI ) fell more than 24% in after-market hours on Monday.

Price: 16.50, Change: -5.30, Percent Change: -24.31