The planned merger of two Roseburg, Ore., banks was abruptly terminated Friday when the board of Douglas National Bank rejected the $35.4 million offer of rival South Umpqua Bank.

Douglas National officials, who could not be reached for comment, offered no reason for the decision. In a prepared statement, its board said, "We determined it is in the best interests of our shareholders to decline the offer from South Umpqua."

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