WASHINGTON - A Dec. 1 stock transaction involving the chairman of Union Planters Corp. was set in motion several months earlier and was unrelated to a Federal Reserve Board decision pending at the time, a company official says.

Lynn Lanigan, the Memphis company's assistant corporate secretary, said chairman Benjamin W. Rawlins opted in October to acquire Union Planters shares under a new companywide retirement plan. She said it was coincidental that the actual transaction was made shortly before a Fed decision on a Union Planters acquisition.

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