First American Corp., Nashville, emerged from the shadows to win the bidding for Deposit Guaranty Corp., agreeing Monday to pay $2.7 billion in stock for the Jackson, Miss., banking company.

The deal ends speculation about the fate of $6.8 billion-asset Deposit Guaranty, which put itself on the block two weeks ago. First American was a dark horse bidder; observers had expected Deposit Guaranty to go to Union Planters Corp., Memphis, or Regions Financial Corp., Montgomery, Ala.

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