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Article: Union Planters of Tennessee To Gain Kentucky Markets With Deal for Peoples First.(Peoples First Corp. being acquired by Union Planters Corp.)
- Article from:
- American Banker
- Article date:
- November 19, 1997
- Author:
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Union Planters Corp. said Tuesday it had agreed to buy Peoples First Corp. of Paducah, Ky., for $380 million in stock.
Memphis-based Union Planters is paying about 2.34 times book value and 17.5 times estimated earnings for 1998.
When the deal is completed, which is expected in the second quarter of 1998, Union Planters would add $1.5 billion of assets, 26 branches in western Kentucky, and three offices in Clarksville, Tenn.
The acquisition fills a gap in $14.8 billion-asset Union Planters' geographical spread between southeast Missouri and northwest Tennessee, company officials said.
Union Planters owns a $120 million-asset bank in Franklin, ...