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* The stock of Santa Monica-based Professional Bancorp Inc. lost nearly a third of its value after ending negotiations with FirstFed Financial Corp. on a possible acquisition by FirstFed. Professional Bancorp’s board decided that further negotiations were unlikely to result in a selling price of $23.50 per share, the company said. Professional Bancorp’s board reaffirmed its commitment to find suitable strategic partners. Professional is the holding company of First Professional Bank, which has branches in California. Professional shares plunged $5.63 to close at $14.50 on the American Stock Exchange. Santa Monica-based FirstFed, the holding company of First Federal Bank of California, rose 69 cents to close at $16.88 on the NYSE.
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