Business Services Industry
This Just In.
Crain's Detroit Business, July, 2000
Franklin Bank bails out of Bingham Financial deal Franklin Bank said Friday that it had given up on its proposed buyout by Bingham Financial Services Corp. Franklin (Nasdaq: FSVB), the Southfield commercial bank, had said the loan-generating capabilities of Birmingham-based Bingham (Nasdaq: BFSC) would be a natural fit.
But the bank said ``changed market conditions'' meant the deal no longer made sense. The merger agreement, announced March 20, called for Franklin to be able to walk away from the deal if Bingham's stock fell below $8 a share for more than 20 consecutive trading days. Bingham hasn't seen $8 a share since May 22. It closed Thursday at $5.13, and has been below $6 a share since June 13. Franklin Chairman David Simon said the board vote to walk away...
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