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Banking & Finance

October 12, 1994|From Times Staff and Wire Reports

First Union Corp. to Acquire Ameribanc Investors Group: The nation's ninth-largest banking company said it reached an agreement to acquire Ameribanc for $108 million. Under an agreement with Annandale, Va.-based Ameribanc, First Union will pay $3 for each of its 36 million outstanding shares. Ameribanc's savings bank subsidiary has $1.1 billion in assets and $752 million in deposits. It operates 29 branches and three mortgage offices in Virginia. The subsidiary will be merged with First Union National Bank of Virginia, a unit of Charlotte, N.C.-based First Union.

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