First Virginia Banks Inc. has agreed to buy seven Signet Banking Corp. branches and $150 million of deposits for an undisclosed sum as Richmond, Va.-based Signet prepares for its absorption by First Union Corp.

The branches, on the Eastern Shore of Chesapeake Bay in Maryland and Virginia, would expand First Virginia's regional presence. The $9 billion- asset Falls Church, Va., company already operates 12 branches along the Eastern Shore.

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