Five weeks after announcing plans to sell 35% of its equipment lease portfolio to a New York finance company, Franklin Bank of Southfield, Mich., has canceled the deal.

Franklin, with $486 million of assets, had agreed on Dec. 2 to sell $42 million in lease loans to Icon Funding Corp. of Harrison, N.Y., for an undisclosed sum. The bank had expected to make about $750,000 on the deal, which was supposed to close Dec. 31.

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