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BRIEFLY

Banking & Finance

July 28, 1993|From Times Staff and Wire Reports

Norwest Agrees to Buy Bank: Norwest Corp. said it had signed a definitive agreement to acquire First United Bank Group Inc. in a transaction valued at $495 million. Under the terms of the deal, each share of First United's common stock will be exchanged for 1.1 shares of Norwest common, and each share of First United's Series A convertible preferred stocks for 2.2 shares of Norwest common. Minneapolis-based Norwest, with assets of $47.8 billion, provides banking, insurance and investment services through 2,116 locations in all 50 states.

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