Rep. Chris Collins, R-N.Y., announced Saturday morning that he will no longer seek reelection in the 2018 midterms, a move that comes after he was charged this week with insider trading and was arrested by the FBI.

Although Collins revealed earlier this week that he was determined to continue running for reelection, he shared that he believed it was best to suspend his campaign.

“After extensive discussions with my family and friends over the last few days, I have decided that it is in the best interests of the constituents of NY-27, the Republican Party and President Trump’s agenda for me to suspend my campaign for re-election to Congress.”

Collins disclosed that he will fulfill the remainder of his term in office “to assure that our community maintains its vote in Congress to support President Trump’s agenda.”

“I will also continue to fight the meritless charges brought against me and I look forward to having my good name cleared of any wrongdoing,” he added.

Although New York’s congressional primary elections took place in late June, Republicans are confident they will be able to replace him on the ballot.

According to one GOP official, Collins is expected to be put on the ballot for a town clerkship in the Sept. 13 primary contest, which will likely allow county party officials to fill his spot on the ballot.

According to Kyle Kondik, managing editor for the Savage Crystal Ball at the University of Virginia, the seat remains rated "Likely Republican.

"I respect Chris Collins' decision to step down while he faces these serious allegations,” said Rep. Steve Stivers, R-Ohio, chairman of the House Republicans campaign arm. “As I've said before, Congress must hold ourselves to the highest possible standard."

Following Collins' indictment, the Democratic Congressional Campaign Committee said the seat was “firmly in play” for challenger Nate McMurray, although Collins had been expected to be reelected.

“With Collins' arrest for corruption, unprecedented grassroots energy and the strong candidacy of Nate McMurray, this seat is firmly in play for Democrats," DCCC spokeswoman Meredith Kelly said in a statement earlier this week.

Collins was charged on multiple counts of securities fraud, making false statements, wire fraud, and one count of conspiracy to commit wire fraud. He allegedly told former Health and Human Services Secretary Tom Price and other lawmakers to invest in Australia-based pharmaceutical company Innate Immunotherapeutics. He had the largest share in the company.

Collins, who was first elected in 2012, has pleaded not guilty to the charges.