ALBUQUERQUE -- First State Bancorp. executed a revised letter of intent to acquire First Bank of Grants, N.M., for about $2.4 million and 172,500 shares of First State's common stock.

The revised terms were agreed upon after a determination that, due to a technicality under generally accepted accounting principles, the transaction could not be completed as a pooling of interests. Under the revised letter of intent, the transaction will be accounted for under the purchase method.

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