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Article: Union Planters to Buy St. Louis-Based Magna Group for $2.3 Billion.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 24, 1998
CopyrightCOPYRIGHT 1998 Knight-Ridder/Tribune Business News. 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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By Russell Grantham, The Commercial Appeal, Memphis, Tenn. Knight Ridder/Tribune Business News
Feb. 24--Union Planters Corp. said it has signed a deal to acquire a St. Louis-based bank in a $2.3 billion stock swap that would be the largest ever for the acquisition-minded bank.
The planned merger with Magna Group Inc., announced Sunday evening, will make Tennessee's largest bank holding company the third-largest bank in the St. Louis market and the sixth-largest in Missouri in terms of deposits, according to SNL Securities, a Charlottesville, Va., firm.
About 60 percent of Magna's roughly $5 billion in deposits are concentrated in the ...