Chemical Financial Corp. and Shelby (Mich.) Financial Corp. said Wednesday that their negotiations had been "discontinued by mutual agreement."

On Nov. 3, $1.7 billion-asset Chemical announced it had signed a letter of intent to buy Shelby for $25 million in stock. The letter of intent was nonbinding.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.