A Spokane, Wash., bank company has called off its merger agreement with a neighboring bank, citing its own soaring stock price and the Securities and Exchange Commission's refusal to approve the deal's structure.

United Security Bancorp., with $235 million in assets, in May announced plans to acquire $69 million-asset Wheatland Bank of Davenport, Wash., in a pooling-of-interest transaction. Since then, United Security's stock has soared from $13 to about $19 per share, increasing the sale price of the deal by nearly 50%.

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