DES MOINES -- Central Resource Group, Des Moines, and Avondale Federal Savings Bank, Chicago, have terminated their controversial merger conversion.

Both companies cited changes in the past year, including expanded business and improved profits.

The agreement, announced last August, had prompted protests from some depositors of $485 million-asset Avondale, who contended they would lose money in the deal. In December, the Office of Thrift Supervision heard oral arguments from both sides during a closed session. Regulators, however, approved the merger applications earlier this year.

As part of the termination, both companies have withdrawn their applications with the agency for a merger conversion.

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