Bingham Ends Acquisition Talks

Bingham Financial Services Corp., Farmington Hills, Mich., has terminated negotiations with two companies that had been potential acquisition targets, Bingham has announced.On July 8, Bingham announced it had entered into nonbinding letters of intent to acquire an originator and servicer of commercial loans and to purchase an unnamed Midwest-based conventional and subprime residential mortgage lender. The two deals had a combined $71 million purchase price. Jeffrey Jorrisen, chief executive of Bingham, said in a statement that "we continue to review a number of excellent acquisition opportunities." Bingham's primary businesses are the origination of installment contracts to manufactured home purchasers and the origination and servicing of commercial real estate loans.