Another insurer has decided to end efforts to qualify for Troubled Asset Relief Program aid.
Phoenix Companies Inc., Hartford, says it is withdrawing its TARP application because it has been unable to complete efforts to acquire American Sterling Bank, Sugar Creek, Mo., from American Sterling Corp., the bank's parent company.
"Phoenix had pursued TARP for potential additional financial flexibility in this difficult market environment but remains well-capitalized," the company says in a statement.
Phoenix has received approval to become a savings and loan holding company, and it had an acquisition agreement with American Sterling Corp.