First Union Corp. said Monday it has completed its $491 million acquisition of Wheat First Butcher Singer Inc., Richmond, Va., an investment bank and securities brokerage.
The banking company's section 20 subsidiary will now be known as Wheat First Securities Inc.
Its investment banking activities will operate under the names First Union Capital Markets and Wheat First Union.
With the deal's closing, First Union joins the ranks of major commercial banking companies that acquired investment banks or securities firms last year in a push to win more of their corporate customers' financing business.
Last year Bankers Trust New York Corp. acquired Alex. Brown Inc.; NationsBank Corp. merged with Montgomery Securities; and BankAmerica Corp. bought Robertson Stephens Inc.