NASHUA, N.H. -- NFS Financial Corp. is pursuing other merger opportunities after the collapse of negotiations with People's Heritage Financial Group, Portland, Maine.
Management of the $614 million-asset thrift holding company will continue to work with Tucker Anthony Inc. to evaluate its opportunities to join with other companies.
Officials declined to comment on whether the company has received other offers.
"Management has made the decision to sell, and that's a major hurdle," said Gerard Cassidy, of Tucker Anthony's Hancock Institutional Equity Services. Selling a bank is somewhat like going through a divorce. It's a major decision, and it's somewhat painful. When people decide to do it, they're going to go through with it."
The talks between NFS and $2.4 billion-asset People's Heritage broke down after People's Heritage allegedly became concerned over leaks that drove up the price of NFS stock.