Phoenix Withdraws Tarp App

But the Federal Deposit Insurance Corp. has been appointed as the receiver for American Sterling. Metcalf Bank, Lee’s Summit, Mo., is assuming American Sterling’s deposits and buying the bank’s assets from the FDIC, Phoenix says.

Because the FDIC receivership would keep American Sterling Corp. from satisfying some closing conditions, the receivership “effectively terminates the acquisition agreement between Phoenix and American Sterling Corporation,” Phoenix says.

Other companies that have ended TARP application efforts in recent weeks include Genworth Financial Inc., Richmond, Va.; MetLife Inc., New York; and Protective Life Corp., Birmingham, Ala.