James Financial Ends Bid for Colony Savings

ST. PETERSBURG, Fla. - Raymond James Financial Inc. said it has discontinued negotiations to acquire Colony Savings Bank of Clearwater.

"Due to the uncertainty surrounding regulatory approval of the proposed business plan, Raymond James and Colony have mutually agreed that it is in both parties' best interest not to pursue a transaction at this time," Raymond James Financial said.

"Entering the banking and trust businesses remains an objective of Raymond James," the St. Petersburg-based regional brokerage company added. It had considered Colony Savings, with $16 million in assets, a potential banking toehold.

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.