A California business bank's pending merger with Portland, Ore.-based U.S. Bancorp is back on track two months after a botched proxy mailing put it in jeopardy.

Last Wednesday, U.S. Bancorp withdrew a declaration of a "material adverse change" in its merger agreement with Business & Professional Bank. That move, coming after strenuous efforts by the smaller bank to assuage angry customers, let the $36 million cash transaction proceed on schedule.

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