MEMPHIS, Tenn. - Secor Bank and Union Planters Corp. said they had discontinued all negotiations toward a possible merger or sale of branches under a nonbinding letter of intent.
Memphis-based Union Planters said in February it had offered about $35 million in stock for Secor, a $2 billion-asset thrift that is based in Birmingham, Ala., and operates in Alabama, Florida, and Louisiana.
The two institutions said they decided they were unable to reach mutually acceptable terms.