SALT LAKE CITY--First Security Corp. said the board of governors of the Federal Reserve Board has approved its acquisition of First National Financial Corp. of Albuquerque.

The company said it expects the transaction--the largest it has ever negotiated--to be completed in the fourth quarter.

First National Financial had consolidated assets of $1.3 billion and deposits of $1.2 billion as of June 30.

First Security has agreed to pay $200 million in a stock exchange for the Albuquerque company. First National shareholders will receive 1.6696 common shares of First Security for each of their shares.

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