After reviewing its alternatives, Monterey Bay Bancorp of Watsonville, Calif., said it would remain independent.

The board of the $464 million-asset thrift hired New York-based Sandler O'Neill & Partners this year to help it explore a potential sale. The move came after some of Monterey's larger shareholders voiced displeasure with the company's financial performance.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.