The banks determined that the agreement "would not be mutually beneficial," according to a press release on Tuesday. The boards for the companies "felt it was in the best interest of both institutions to terminate the merger agreement and pursue other strategies."
The deal was announced in September and was expected to close by the end of the year. The $74.3 million-asset University National Bank has one branch in Lawrence.
The $491.7 million-asset Equity still expects that its acquisition of four branches in Topeka, Kan., from Citizens Bank & Trust of Chillicothe, Mo., should close on Friday.
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