Article: Union Planters to Buy St. Louis-Based Magna Group for $2.3 Billion.

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 ...

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