LITTLE ROCK, Ark. -- First Commercial Corp. said Tuesday it will buy two east Texas banks owned by Chemical Banking Corp.'s Texas Commerce Bank.

First Commercial said it will pay $28 million, or a premium of about 40%, for the two banks, which are in Longview and Nacogdoches, Tex. The banks were bought by Texas Commerce in February as part of its agreement to purchase a package of failed First City Bancorporation of Texas banks from the government.

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