STURGIS, Mich. - Sturgis Bank and Trust Co. canceled its $29.6 million merger Wednesday with Southern Michigan Bancorp of Coldwater after failing to get a fairness opinion from its financial adviser.

Sturgis had hired Raymond James & Associates to evaluate whether the deal, announced in February, was good for its shareholders. Raymond James did not issue such an opinion, and $264 million-asset Sturgis called off the merger.

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