Columbia Banking System Inc. of Tacoma, Wash., said it has terminated its deal to buy Capco Financial Co., a factoring company based in Bellevue, Wash.
J. James Gallagher, vice chairman of Columbia Banking, said the parties could not agree on final terms. Columbia Banking, with $1.2 billion of assets, had announced Oct. 28 that it would swap 530,000 shares of its stock for all of Capco's shares.
Founded in 1989, Capco funds small businesses that normally do not qualify for traditional bank credit.
-- Matt Andrejczak