Falling bank stock prices are raising an issue that has not cropped up since 1994, when Shawmut National Corp. had to recast its offer for Northeast Federal Corp.

Nashville-based First American Corp. and Commercial Federal Corp. a thrift based in Omaha, are two companies whose shares have fallen significantly since they announced merger agreements. If their shares fall only slightly further, the banks may have to raise their offers or risk losing their deals.

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