MANSFIELD, Mass. - Farragut Mortgage Co. said Monday that it has terminated its agreement to merge with J.I. Kislak Inc. of Miami Lakes, Fla.
Farragut's performance has been weak since the merger announcement. It reported a $4.7 million loss in the Sept. 30 quarter, attributed mostly to heavy loan prepayments.
Kislak reportedly had been eager to complete the merger because Farragut is listed on the New York Stock Exchange. The deal was structured so that Kislak, the larger company, would keep the listing.
The demise of the merger may have been signaled on Dec. 1, when Willard B. Soper, president of Kislak, left to become president and chief executive of Midcoast Mortgage, Melville, N.Y