Discover Financial Services’ deal to buy $1.1 billion in banking deposits from Allstate Corp. has fallen through.

Allstate said Monday in a quarterly earnings filing with the Securities and Exchange Commission that its previously announced agreement with Discover was terminated. “We are continuing with plans to wind down the Allstate Bank’s operations and anticipate obtaining regulatory approval to cancel its banking charter by year end 2011,” the Northbrook, Ill., property and life insurer said in the filing.

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