GREENVILLE, S.C. -- Carolina First Corp. said its Carolina First Bank unit had agreed to acquire Omni Savings Bank, a subsidiary of FirstFed Michigan Corp.

Financial terms were not disclosed.

A spokesman for Carolina said the company had agreed to assume Omni's $40 million in deposits but was still negotiating over Omni's $45 million in assets.

The spokesman said the difference between the deposits and assets that Carolina agrees to assume will determine the purchase price.

Carolina said it will acquire all three branches of Omni which is based in Columbia, S.C. The company said the acquisition is subject to regulatory approval and is expected to be completed by yearend.

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