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Article: Union Planters Poised to Challenge Leaders in Miami with $412M Deal.
- Article from:
- American Banker
- Article date:
- February 24, 1999
- Author:
CopyrightCOPYRIGHT 1999 SourceMedia, Inc. 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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Expanding its Florida beachhead, Union Planters Corp. of Tennessee announced an agreement to pay $412 million in cash for Republic Banking Corp. of Miami.
The $1.6 billion-asset Republic would be Union Planters' fifth Florida acquisition in 14 months. It would make the Memphis-based buyer No. 3 in the hotly competitive Miami market, after BankAmerica Corp. and First Union Corp.
"This is critical to our strategy and vision of expanding our coverage in the Hispanic market here," said Adolfo Henriques, the president and chief executive officer of Union Planters Bank of Florida.
The Miami-Dade County area "is half Hispanic," he said, "and we are ...