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BRIEFLY

Banking & Finance

November 13, 1993|From Times Staff and Wire Reports

CNB Bancshares to Merge With Kentucky Bank: The Indiana-based bank announced terms of a merger with privately held Union Bank & Trust Co. of Morganfield, Ky. The stock deal is worth about $424 million and is expected to be completed in the first half of 1994. Union Bank holders would exchange each of their shares for 13.25 shares of CNB, which closed at $32.375 on Friday. Union has 29,040 common shares outstanding.

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