Western Sierra Bancorp in Cameron Park, Calif., and Gold Country Financial Services Inc. in Maryville have terminated their merger, originally scheduled to close in April.
The termination, announced Friday, came after a mutual agreement between the two holding companies, each of which have agreed to clear the other of any damages or cost.
The $1.2 billion-asset Western Sierra announced in November that it would acquire the $136 million Gold Country for $23 million in cash and stock. The deal would have moved Western Sierra into a new market north of Sacramento.
This is not the first time Western Sierra has been involved in a terminated deal. In August 2002 the $169 million-asset Mid Valley Bank in Red Bluff called off its deal to sell itself after Western Sierra proposed adjusting the price because some of Mid Valley's agricultural loans had deteriorated.
