The day after Union Planters Corp. announced it would buy Capital Bancorp in Miami for $358 million, Union Planters chairman Benjamin W. Rawlins Jr. flew there to start laying the groundwork for the transition.

Among the challenges he faces is appeasing suspicious shareholders, who question whether Capital Bancorp cut the best deal for shareholders. He also must wrestle with questions about who will run $1.9 billion-asset Capital, assuming the acquisition is completed as planned in the first quarter of 1998.

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