BM Technologies terminated the agreement to merge with First Sound Bank in a $23m deal.

BM Technologies, a digital banking platform, terminated the agreement to merge with First Sound Bank, a Seattle, Washington-based community business bank, in a $23m deal. "When we announced this proposed merger in November of last year, we knew that the regulatory approval process was likely going to be lengthy because of its non-traditional nature: trying to merge a regulated bank with a fintech company. As it turned out, the regulatory approval process was in fact prolonged, which gave us an opportunity to reflect on our broad strategy of maximizing the value of the Bank to all of our stakeholders -- our shareholders, customers, employees, business partners, and regulators. Our board and senior management team now believe that continuing to grow the Bank and continuing to increase its profitability is our best course of action," Marty Steele, First Sound President and CEO.