ATLANTA -- First Financial Management Corp. said it has completed the sale of its Georgia Federal Bank FSB subsidiary to First Union Corp.

First Financial received $269 million in cash, including dividends paid to it by Georgia Federal before closing. The transaction had been delayed by a debate over how the dividends would be distributed.

In order to retain access to Visa and MasterCard, First Financial -- which owns Nabanco, a card processing subsidiary - - has formed a credit card bank, First Financial Bank. It operates as the sponsoring bank on customer contracts for Nabanco.

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