Evergreen Bancorp adopted a poison pill plan late last week, creating doubt among analysts who expected the Glens Falls, N.Y., company to announce a sale.

A rumor that the $1 billion-asset bank had a deal to be acquired caused its stock to jump $9 in two days last week, peaking at $33.50 last Thursday before closing at $31 that day. But after trading closed on Friday, Evergreen announced it had adopted a plan "to discourage takeovers that involve tactics that do not provide fair value to shareholders."

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