JACKSONVILLE, Fla. -- First Union Corp. said it has acquired BancFlorida Financial Corp., the parent of BancFlorida, a thrift based in Naples.

North Carolina-based First Union announced the agreement to acquire $1.6 billion-asset BancFlorida on Jan. 17.

Each BancFlorida share will be exchanged for 0.665 shares of First Union stock, giving the transaction a value of about $181 million.

First Union signs will go up at the former BancFlorida locations after systems are converted in late October.

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