BILLINGS - Stockman Bank is opting out of buying the Billings Gazette building on North Broadway in downtown.
The bank confirmed the decision, first reported by The Gazette, to MTN Tuesday afternoon.
Stockman signed a letter of intent with the Gazette's parent company, Iowa-based Lee Enterprises, in early May, but that agreement did allow either party to back out under certain conditions.
Bank officials said they considered the deal to be a great fit, but after reviewing remodel costs to update the building, they decided that the price tag far exceeded their budgeted range.
Despite the sale falling through, The Gazette moved ahead with dismantling its press operations. The final edition was printed in Billings on Sunday night.
The paper will live on, printing on the press in Bozeman. The paper is seeking new office space for its news and advertising departments.
Related: Stockman Bank announces plans to purchase downtown Billings Gazette building
