NEWPORT BEACH, Calif. -- CommerceBancorp said talks on its possible acquisition by Michigan National Corp. had been terminated.
The companies had announced a letter of intent on Sept. 15. Michigan National, based in Farmington Hills, Mich., had agreed to pay up to about $25 million in cash and stock.
CommerceBancorp, the parent of CommerceBank of Newport Beach, said the continuing economic slowdown, nationally and in especially in Southern California, may have played a role in the termination of the talks. "We are naturally disappointed in this turn of events," said CommerceBancorp president Raymond Dellerba.