MEMPHIS, Tenn. - Secor Bank and Union Planters Corp. said they had discontinued all negotiations toward a possible merger or sale of branches under a nonbinding letter of intent.

Memphis-based Union Planters said in February it had offered about $35 million in stock for Secor, a $2 billion-asset thrift that is based in Birmingham, Ala., and operates in Alabama, Florida, and Louisiana.

The two institutions said they decided they were unable to reach mutually acceptable terms.

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