Frontier Financial Corp. and SP Acquisition Holdings Inc. terminated their July merger deal after failing to obtain regulatory approvals in time to complete the deal by a Saturday deadline.

SP Acquisition, a blank shell company formed in 2007, will cease to exist on Oct. 10 as a result of the deal falling through. Such entities have a set time after going public, generally two years, to use the assets from an initial public offering or return the money to shareholders.

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