MIAMI -- First Union National Bank of Florida agreed to purchase First Florida Savings Bank for $9,S million in cash, or 1.4 times book value,
Miami-based First Florida, which has $97 mi11ion in assets, $80 million of depositS; and three branches, is a subsidiary of First Federal Savings of Puerto Rico. The transaction, which was announced Monday, is expected to close in next year's first quarter.
First Federal, with assets of $1.9 billion, said it sold First Florida Savings in order to concentrate on Puerto Rico, its primary market.
