In Brief: Shareholders Approve First Union/Everen Deal

Everen Capital Corp. shareholders Thursday approved the company's agreement to be acquired by First Union Corp.

The $1.1 billion deal, which awaits regulatory approval, is expected to close Oct. 1, a spokeswoman for the bank said.

Everen shareholders would receive about $31-worth of First Union common stock for each Everen share. The number of First Union shares to be exchanged depends on the performance of the bank's stock during a 10-day period prior to the deal's closing. Everen shareholders were originally to get a fixed number of shares, but First Union amended the agreement in May to reflect losses in its stock price.

Everen, a full-service broker-dealer based in Chicago, will be renamed First Union Securities Inc. -- Niamh Ring