The Board of Directors, of which half of the members, the Chairman and Deputy Chairman had been replaced, failed to appoint temporary management and, citing the need to safeguard its local roots and ensure the bank’s independence, refused to entertain the only official offer of a merger made of its own volition by Banca Popolare di Vicenza.
The Bank of Italy increased meetings with senior management, calling attention to the fact that the group would have difficulty in the future ensuring compliance with capital adequacy requirements. As no solution was found, a new inspection was conducted in November 2014, which identified serious capital losses and serious irregularities. On 10 February 2015 the bank was put into special administration.