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Article: Wachovia, Jefferson Bankshares Inc. Announce Merger
- Article from:
- PR Newswire
- Article date:
- June 10, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WINSTON-SALEM, N.C., June 10 /PRNewswire/ -- Jefferson Bankshares Inc. (Nasdaq: JBNK), the parent of Jefferson National Bank in Charlottesville, Va., and Wachovia Corporation (NYSE: WB) announced the signing of a definitive agreement for a merger between the two companies. The agreement has been approved by the boards of directors of both companies and is subject to the approval of Jefferson Bankshares shareholders and appropriate regulatory agencies. The merger is expected to close by Oct. 31.
The agreement will be structured on a purchase accounting basis and provides for a tax-free exchange of .625 share of Wachovia Corporation common stock for each common ...
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